Commodity Market Report
Oil products price forecast update September 2022
Report summary
This update incorporates all of the price forecasts, crude differentials and refining margins through to end-2023 on a regional level. Our monthly ex-RVO Global Composite margin fell US$0.26/bbl to US$14.62/bbl in August as the global strength in middle distillate cracks largely offset weakness in light product cracks. Hydroskimming margins recovered ~US$2/bbl in August from the negative values in Asia and Europe. We expect global distillate balances to remain tight into the start of Q4 2022, supporting margin values broadly around current levels.
Table of contents
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Global margins rebound on strong distillate cracks as European natural gas prices go stratospheric
- Brent Price Outlook
- Key Changes to our prices and margins view
- Crude price and differential analysis
- Regional refining margin analysis
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