Commodity Market Report

Regional product markets short-term outlook March 2022

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28 February 2022

Regional product markets short-term outlook March 2022

Report summary

This update incorporates all of the regional crude runs and product-by-product supply-demand balances through to end-2023 on a regional level. Our demand view for 2022 has been revised higher and now sits above 2019 levels, driven by increases in diesel/gasoil and jet fuel. Supply has been revised downward in 1H 2022 with lower crude runs in Europe and the US from an active maintenance season. We see distillates balances even tighter than our previous update, particularly over the next several months.

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    Regional product markets short-term outlook March 2022

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