Regional product markets short-term outlook November 2024 Report

Commodity Market Report 31 October 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 81.6 million b/d in October, with utilisation rates coming in at 77.7%. Seasonal maintenance looks to have peaked during the month but came in lower than the levels during the spring turnaround season. This month saw crude runs increase month-on-month by 560 kb/d as Middle Eastern and US refiners continued to run hard. This represents a slight downward revision of 40 kb/d compared to our previous forecast.

Seasonal maintenance peaks with product stocks set to build heading into 2025
- Key Market Highlights
- Changes to Our Short-Term Demand View
- Changes to Our Short-Term Supply View
- Regional Analysis