Commodity Market Report
Regional product markets short-term outlook 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. Global crude processing averaged 80.94 million b/d in June, with utilisation rates remaining at 77% as refinery margins remained weak. This month saw a rise of only 110 kb/d over May, a 1.2 million b/d downward revision to our previous forecast largely driven by weaker runs in Asia from poor margins and high outage levels at Russian refineries.
Table of contents
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Global balances to stay long through Q3 as demand growth remains sluggish
- Key market highlights
- 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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