Commodity Market Report
Regional product markets short-term outlook February 2024
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
This update incorporates all of the regional crude runs and product-by-product supply-demand balances through to end-2025 on a regional level. January saw product inventories continue to build across all three major fuels; however, the onset of maintenance season means that stocks are likely near their seasonal peaks. Even with lengthening fundamentals, January also saw a significant increase in geopolitical risk, as increasing attacks by Ukraine against Russian infrastructure and tensions in the Red Sea impacted product trade flows. With crude runs expected to drop almost 1 million b/d month-on-month in February due to maintenance, we expect to see increased market sensitivity to further supply disruptions.
Table of contents
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Global refining system tightens on Spring maintenance and Red Sea tensions, with adjustment of trade flows prompting price spikes
- Key Market Highlights
- Red Sea disruption impacts
- Changes to our Short-Term demand view
- Changes to our Short-Term supply view
- Regional Analysis
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What's included
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