Commodity Market Report

Regional product markets short-term outlook November 2022

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This update incorporates all of the regional crude runs and product-by-product supply-demand balances through to end-2023 on a regional level. For this update, we have revised global 2022 crude runs upwards from last month's update. The month-long French refinery strikes in October have further tightened both diesel and gasoline balances in the Atlantic basin, supporting a stronger run outlook and an upward revision to European crude runs over the coming months. The imminent restart of South Africa's Cape Town refinery and stronger Q4 2022 runs in Asia as Chinese refiners increase operating rates to utilise the additional 15 MT product export quotas allocated in September all add support to global crude runs.

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    Regional product markets short-term outlook November 2022

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