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Commodity Market Report

Regional product markets short-term outlook October 2022

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30 September 2022

Regional product markets short-term outlook October 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. For this update, we have revised global 2022 crude runs downward from last month's update. The majority of the lower runs are focused in Asia, reflecting the slower demand recovery in China, higher Q3 2022 regional refinery maintenance, and broader weakness in petrochemical feedstock demand. We have also lowered our Atlantic Basin crude run outlook this update, due to surging natural gas prices, weaker refining net cash margins, and higher-than-expected North American maintenance this Fall.

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