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JBC Energy is one of the world’s leading independent advisors to the energy and commodity industry. Established in 1994, the company provides research, analytics, consulting, and training solutions to customers around the world. Our company is internationally recognised as a global leader in energy market analysis and forecasting.

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360° World Oil Market Coverage 360° World Oil Market Coverage

Research Highlights - Week 22

28 May 2021

Crude throughput in the US continues to trail 2019 levels by a considerable margin, remaining short vs this metric by some 1.5 million b/d in this week’s EIA data release. Considering lost capacity due to the pandemic we do not see it closing this remaining gap in H2, even with higher run rates (see Americas Weekly - Issue 21).

Research Highlights - Week 17

30 April 2021

Brazilian crude and condensate supply in February decreased by some 50,000 b/d m-o-m, which is a little lower than initially anticipated. We now expect supply to reach the 3 million b/d mark by the end of Q2-2021(see Americas Weekly - Issue 17).

Research Highlights - Week 16

23 April 2021

The implied demand recovery in the US is now almost complete after the long-running demand destruction brought about by the pandemic, albeit to a varying degree among individual core products (see Americas Weekly – Issue 16).

Global Refinery Margins - Issue 38

20 September 2021

With higher product competition in Asia, there is a case to be made that Chinese exports might not return to the highs seen in H1-2021

Energy Market Report - Issue 20-Sep-2021

20 September 2021

Europe Struggles to Attract Additional LNG

Market Watch - Issue 8

17 September 2021

As inventories globally continue to draw, SPRs return to headlines. But what power do they really have in cooling bullish sentiment?

Asian Oil Weekly - Issue 38

17 September 2021

Asian crude demand set to reach respective 2019 levels this quarter.

JBC Energy Webcasts - Petchem Market Out

04 September 2020

Check out our latest Petchem Market Outlook webcast, posted on our online platform, available via the 'Webscasts' tab.

JBC Energy Webcasts - Russian Refining Overview

28 August 2020

Check out our latest Russian Refining Overview webcast, posted on our online platform, available via the 'Webscasts' tab.

JBC Energy Webcasts - Refining Margin Outlook

27 August 2020

Check out our latest Refining Margin Outlook webcast, posted on our online platform, available via the 'Webscasts' tab.

JBC Energy Webcasts - Marginal Cost Curve

24 August 2020

Check out our latest Marginal Cost Curve webcast, posted on our online platform, available via the 'Webscasts' tab.

Energy Trading, Risk Management and Pricing Training

30 November 2021 - 01 January 0001

Singapore: November, 2021 TBC

Energy Trading, Risk Management and Pricing Trading (ETRMP)

ETRMP is designed to enable participants to identify, measure and manage risk in its many forms by applying proper tools through disciplined evaluation and decision-making. Volatility, counterparty exposures, credit requirements, government regulations, unexpected “black swan” events and geopolitics keep traders in a perpetual state of high alert. To formulate an effective risk management strategy; today’s front, middle and back office executives must apply a holistic approach that begins with understanding the environment your firm operates in, the risks it faces and how best to measure, monitor and manage them.

  • Two days stimulating training program on oil & gas risk management practice and tools. Every session is followed by a Q&A session.
  • The program will cover practical risk management challenges as well as various tools to effectively manage risks.
  • Day one is focused on understanding and managing risks in trading firms while the second day touches on utilising various instruments to formulate an effective risk management strategy. Course facilitator will walk through the use of futures, options and swaps in the risk management with practical hedging examples and assignments.
  • Small class size to facilitate learning and interaction.
  • High level of satisfaction rate of over 90% and highly recommended.

Analysing Oil Markets Training

26 January 2022 - 01 January 0001

Analysing Oil Markets Training (AOM)

Singapore
26 - 27 January 2022
TBC

AOM has been designed to provide participants with a thorough understanding of oil market fundamentals and the skills to identify key drivers in the upstream and downstream industries. The focus of the course is firmly on commercial factors making it perfect for anyone in a market facing role. Utilising JBC Energy’s 25 years as oil market analysts and researchers, the course examines how oil markets work from wellhead through refining all the way to the end user. AOM also takes advantage of JBC Energy’s proprietary forecasting data known as SuDeP™ to identify future industry trends.

  • Two days stimulating training program on oil & gas market fundamentals based on JBC Energy’s exclusive research and unique insights. Every session is followed by a Q&A session.
  • The program will cover the most relevant commercial and non-technical aspects of Upstream and Downstream markets.
  • Explore the full complexity of the oil & gas market as well as JBC Energy’s in house Supply, Demand and Pricing (SuDeP) Model.
  • Small class size to facilitate learning and interaction.
  • High level of satisfaction rate of over 90% and highly recommended by past attendees.

 

To register or for more information, contact bd@jbcasia.com.

Energy Market Report, 19 March 2020
Good calls

Energy Market Report, 19 March 2020

On 19 March 2020, we noted in our Energy Market Report that negative crude prices were a strong possibility in the future. In April 2020, Nymex WTI settled in negative territory.

Benigni on Oil Markets, Issue 8 August 2019
Good calls

Benigni on Oil Markets, Issue 8 August 2019

In Issue 8 of our Benigni on Oil Markets report (12 August 2019), we argued that forward cracks for gasoline in summer 2020 would surge on the back of lower FCC operations as more LSSR was diverted to the bunker pool. Within two months of the publication the indirect benefit of IMO 2020 on gasoline became a major story!

Benigni on Oil Markets, Issue 8 August 2019
Good calls

Benigni on Oil Markets, Issue 8 August 2019

In Issue 8 of our Benigni on Oil Markets report, we argued that the forward mogas vs diesel summer 2020 spread was completely undervalued on account of weakening gasoil/diesel and strengthening mogas in line with our IMO forecasts. Within a matter of weeks of our forecast, mogas began strengthening relative to gasoil over the relevant period.

Benigni on Oil Markets, Issue 8 August 2019
Good calls

Benigni on Oil Markets, Issue 8 August 2019

We reported that the forward HSFO crack, at -$18/bbl in the Dec-19 to Feb-20 forward IMO implementation phase was much too high and would crater. A few weeks later the relevant forward HSFO cracks fell to -$30 per barrel.

Russian Refining
Good calls

Russian Refining

Over the course of 2019 we argued that Russian simple refiners would not significantly cut production due to IMO. To date there have been no shut-ins due to IMO.

Bunkers and VLSFO
Good calls

Bunkers and VLSFO

In a multiclient bunker study published in January 2017 we forecast VLSFO to be the bunker fuel of choice after IMO 2020, while MGO would see only marginal upside. We stuck to this view throughout 2018 and 2019 in stark opposition to the dominant view that MGO would prevail and turned out to be one of the few research and consulting firms to be bang on the money.

JBC Study | 2020 Bunker Regulation: A Refined View published January 2017
Good calls

JBC Study | 2020 Bunker Regulation: A Refined View published January 2017

Already in 2017 we argued that compliance with the IMO sulphur spec change would not be a big issue come 2020. We are consistently seeing compliance rates greater than 90% in 2020.

JBC Study | 2020 Bunker Regulation: A Refined View published January 2017
Good calls

JBC Study | 2020 Bunker Regulation: A Refined View published January 2017

Our 2017 Bunker study concluded that scrubber adoption would be widespread enough to keep HSFO in the game as a bunker fuel. Shipowners began placing widespread orders for scrubbers from mid-2018 all the way to the present such that HSFO bunker demand is very much alive.

JBC Energy City Briefing: London IP Week 2019
Good calls

JBC Energy City Briefing: London IP Week 2019

In February 2019 we argued that US refinery crude intake would be sharply lower y-o-y. At the time this was a gutsy call to make considering that the US shale boom was still in full swing, giving US refiners ample access to cost-advantaged crude. But we recognised that underperforming gasoline and expensive heavy crude would impact US FCC economics considerably. It turned out to be on the money as US crude intake in March and April was down a massive 580,000 b/d y-o-y, basis EIA data.

2018 Market Watch, Issue 11
Good calls

2018 Market Watch, Issue 11

In late 2018 we were already predicting that 2019 demand growth would fall below 1 million b/d. This became a major story, but only in Q2-2019. We now see annual 2019 oil demand growth at just 680,000 b/d, the lowest level since 2011.

Bottom of the Barrel 2019, Issue 03
Good calls

Bottom of the Barrel 2019, Issue 03

Throughout 2019 we repeatedly argued that stakeholders were preparing well in advance for the IMO shift, implying that the changeover would happen smoothly. The changeover did indeed go over quite smoothly and widespread fears regarding VLSFO availability and quality have turned out to have been largely unfounded.

Coronavirus Good Calls
Good calls

Coronavirus Good Calls

In Issue No.3 of our Benigni on Oil Markets report published on 23 March 2020, we introduced a detailed new base case with Q2-2020 demand forecast at -15 million b/d y-o-y, and suggested that international travel bans would only start to be relaxed in Q3, while pointing out that air travel would lag. Further, we noted that the pandemic would only end in Q2-2021 due to developing herd immunity, and the growing availability of increasingly powerful vaccines and drugs.
The jury is still out on this one, but we still agree with the reasoning set forth in the report, though we did cut our Q2 demand forecast by a further 4 million b/d as new data came in.

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The Big Picture

The Big Picture

Concise insights into all the most important market developments in global oil and gas markets on a daily basis, coupled with a monthly deep dive into the issues shaping markets now and in the near future

Refining Views

Refining Views

We provide a comprehensive understanding of the global refining market. Our state of the art refining model is truly industry leading, differentiating properly between regions, refining setups and relevant crude baskets.

Barrel Series

Barrel Series

Our barrel report series consists of four reports covering each segment of the barrel (Crude Oil, Bottom of the Barrel, Middle of the Barrel, Bottom of the Barrel), with expert-level fundamental coverage and consistent model-driven projections in a succinct chart-heavy style.

Regional Analysis

Regional Analysis

Zoom in on your target region with our weekly and monthly reports, offering a comprehensive overview of recent news, coupled with investigation as to what this really means for local crude and product markets.

Price Forecasting

Price Forecasting

All our data and expert understanding is regularly condensed into nuanced price forecasts to inform your forward-looking analysis. Being up-to-date and consistent is the crucial target for our work.

LNG & Natural Gas

LNG & Natural Gas

JBC Energy’s LNG/Natural Gas Insight Report offers subscribers comprehensive analysis of developments in natural gas and LNG markets. The twice monthly report provides both short- and long-term analysis of prices, supply and demand fundamentals, LNG and pipeline trade flows and political developments. Each month, readers can track key market developments and get JBC Energy’s expert opinion on what this means for the future of the natural gas and LNG industry.

JBC Online

JBC Online

Access all of your subscribed reports and JBC Energy’s pioneering views in one place with JBC Online! All of our reports are available to subscribers online through our portal: JBC Online.

Future Energy

Future Energy

Cross Energy Commodity

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Having had the chance to cross paths with the work conducted by JBC Energy in several occasions, I could attest to the accurate statistics and information behind their work in the energy sector. Their high-quality indicators and reports regarding the energy market showcase both strong analytics and unbiased studies. Their expertise in the field aided by their extensive years in this domain make this research institute both well-grounded and reliable. I would recommend JBC Energy to anyone looking for thoughtful, measured and independent analysis of the energy markets worldwide.

- Adrian Jasimi, Oil Expert at Energy Community

We have the last couple of years enjoyed a close cooperation with JBC. The strengths of the company is their extremely deep insight to the highly complex world of oil and we highly appreciate the direct access to the knowledgeable analysts who are very serviceminded.

- Morten Aarup, Head of Market Research at Norden

We have been working with JBC Energy for couple years now and are very pleased with the information and support we have been receiving. Their forward-looking analysis supports our business with objective, well balanced input to forecasts, project plans as well as aspects around hedging. Their seminars and reports are of really good quality and the new online portal also contains webcasts that are useful during group meetings, when travelling or working from home.
I would highly recommend JBC Energy to anyone looking for serious, measured and objective analysis of the energy markets worldwide.

- Dan Sundgren, Crude Manager at Preem AB

We engaged JBC Energy to perform a high-level review of our trading business. In a short space of time, their small team of experts were able to fully comprehend the nuanced drivers of our business and deliver a clear and actionable list of recommendations. This gave us a path towards growth, but ensured we remained in line with our group’s overall risk culture.

- Dario Scaffardi, CEO and General Manager at Saras

We have had the pleasure of working with JBC Energy for several years, and have always found their reports and analysis very interesting and insightful. JBC Energy is not afraid to challenge the consensus view, and has often given a new perspective on oil markets.

- Kristina Toming, Senior Research Manager at TORM

JBC Energy’s consulting team has always taken the greatest care to fully understand the workings of our organisation. This has allowed them to highlight areas of possible concern but also to devise practical solutions that could be implemented with least disruption

- Harry Park, SK Energy

We regularly send members of our team to JBC Energy’s Academy training programme. Their modules on fundamentals and papers markets give our employees an excellent grounding in oil markets.

- Mohammed Al-Shatti, Kuwait Petroleum Corporation

We regularly use data from the SuDeP Model. We are impressed by its timeliness and level of detail. Of real added value are also the SuDeP Workshops that allow us to discuss the findings and latest trends face-to-face.

- Malcolm Rice-Jones, Manager Market Analysis & Strategy, ConocoPhillips

We have enlisted JBC Energy’s services on many studies in recent years. We have always found them to be in tune with our needs and committed to delivering a high quality product in the allocated time.

 

Thomas Gangl, Chief Downstream Operations Officer, Member of the Executive Board, OMV

The JBC Energy subscription entitles us to regular reports carrying independent insights into the oil market even at variance with the majority view. We also get to meet senior analysts of JBC and discuss the assumptions, outlook and key market developments. Their presentations are very insightful.

Tarun Agarwal, Vice President Co-Head Crude & Feedstocks trading, Reliance

Risks associated with refining and trading activities are constantly shifting and evolving, and we at ENOC are continuously on the lookout to identify, monitor and manage these risks. We have put in place best practices that allow us to really understand the potential impact of these risks on our business, which include forging long-term partnerships with trusted industry experts. Our appointment of JBC Energy as an independent advisor to our risk management team has given us an opportunity to view matters with a fresh perspective and has allowed us to take a step back from day to day operations and really consider the bigger picture.

- H E Saif Humaid Al Falasi, Group CEO of ENOC
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