Commodity Market Report

Regional product markets short-term outlook June 2024

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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 crude processing averaged 80.25 million b/d in May, a month-on-month decrease of 420kb/d, despite the conclusion of seasonal maintenance across Europe and North America. This represents a downward revision of 1.57 million b/d compared to our previous forecast, with cuts primarily from Asia. Global utilisation rates came in at around 77% for the month.

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    Regional product markets short-term outlook June 2024

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