Regional product markets short-term outlook August 2024 Report

Commodity Market Report 31 July 2024

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Report summary

This update incorporates all of the regional crude runs and product-by-product supply-demand balances through to end-2026 on a regional level. July saw a divergence in product markets as a tightening gasoline balance due to rising seasonal demand has led to its strengthening relative to diesel. While this is expected to last through August and into September for gasoline, a weak diesel outlook continues to weigh on sentiment. However, diesel demand is expected to rise seasonally over the next 3 months, which should help to support refinery utilisation near current levels during Q3.