Regional product markets short-term outlook June 2022

This update incorporates all of the regional crude runs and product-by-product supply-demand balances through to end-2023 on a regional level. There remain significant risks to our latest outlook given the refining system is structurally short middle distillates supply. This will be emphasised if there are refinery outages from US hurricanes, monsoon season arrives late in India or there are further delays in refinery start-ups. Refiners will also continue chasing product shorts as and where they emerge, ensuring volatility in supply and prices. This will continue until trade flows adjust and refining supply increases through H2 2022.