Our Refining Views report series provides a comprehensive understanding of the global refining industry and petroleum product markets. At the centre of our analysis is an industry-leading, state-of-the-art propriety refining model that allows our analysts to properly differentiate between regions, refining setups, and relevant crude oil baskets.
In this weekly report, we analyse the underlying complexities of the global refining market, presenting product-by-product updates for key regions: East of Suez, Americas, and the wider European region including the Former Soviet Union and Africa.
- Analysis of weekly movements in petroleum product crack spreads including a short-term outlook, informed by arbitrage calculations, refinery maintenance updates and secondary processing unit margins.
- Weekly updates to benchmark refining margins for each region using our proprietary in-house refining model.
Seasonal lengthening for diesel may keep cracks in check
Returning demand, lower inventory levels, and capacity rationalisation of the past few months should help to provide further upside to refinery margins from here on out.
Our oil demand nowcast sees an increasingly positive picture in the Atlantic Basin
We investigate the increasing impact of EU ETS on EU refiners
Refining Outlook is an extensive quarterly publication that offers clients an excellent synopsis of the latest and projected developments on global petroleum products and refining markets in two parts.
- Part one investigates the general market conditions concentrating on the economy, supply and demand, inventories, freight, regulatory changes, and emissions.
- Part two presents a detailed petroleum product-by-product outlook for the next quarter including outlooks for refinery maintenance and upcoming expansions.
- Also includes data compilations of our balance figures, refinery maintenance and refining capacity additions.
This year started on a sour note, but optimism picks up
After the challenging 2020 2021 offers some relief for the global refining system, but too much optimism is premature at this stage.
With jet fuel demand still far below last year's levels, refiners face strong pressure to reduce distillate supply. Margins continue to suffer, bringing with them increasing consolidative pressure.
The market's new normal remains a rather precarious state, with overcapacity on the crude and product supply side its defining features.