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
-
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
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Asset Report
Avebury restart nickel operation
A detailed analysis of the Avebury restart nickel project.
$2,250
Insight
Global oil supply short-term update - March 2026
Outbreak of conflict in the Middle East lowers our global oil supply
$1,350
Insight
Iran and the Strait of Hormuz: The impact of the Middle Eastern conflict on iron ore
Closure of Strait threatens to choke off Middle Eastern DRI supply
$1,050
