Commodity Market Report
Regional product markets short-term outlook January 2024
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. Global product balances continued to recover in December, with gasoline and diesel inventories building strongly with jet stocks remaining roughly flat. With heavy spring maintenance expected in the US and Middle East and Chinese product exports remaining low, both middle distillate and gasoline balances will tighten in Q1 2024. However, with several large refinery startups projected for 2024, product markets look poised to return to a more balanced position by mid-year, as refinery supply grows.
Table of contents
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Product markets set to tighten in Q1 2024 on Spring maintenance despite softer demand outlook
- Key Market Highlights
- Changes to our Short-Term demand view
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Changes to our Short-Term supply view
- Regional Analysis
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