Commodity Market Report

Regional product markets short-term outlook April 2024

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This update incorporates all of the regional crude runs and product-by-product supply-demand balances through to end-2025 on a regional level. Q1 2024 saw significant global maintenance, as refiners looked to take advantage of weaker margins to catch up on years of deferred work. As we move into Q2 2024, we expect to see crude runs rising as refiners return from outages and new capacity continues to ramp up. While global inventories remain low, the additional supply will ease balances, keeping a ceiling on product cracks. However, geopolitical risks remain a major theme for 2024, with industry already facing a strained logistics system.

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    Regional product markets short-term outlook April 2024

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