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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 media reports, 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.

Independent Research Independent Research
Global Modelling Global Modelling
25+ Years Experience 25+ Years Experience

Research Highlights - Week 47

22 November 2021

Surging products demand and subdued refinery utilisation rates across much of the region in late Q3 and early Q4 see EOS product stocks fall to seasonal lows. 

Research Highlights - Week 46

16 November 2021

Russian pipeline gas exports stabilize but extra supply is unlikely in the short-term as Gazprom fails to book extra capacity through Ukraine for December.

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).

Asian Oil Weekly - Issue 49

03 December 2021

Hi-5 Spreads to remain strong for the time being

Energy Future Weekly - Issue 18

03 December 2021

The outcome of COP26 underpins the notion that natural gas and renewables remain the combination of choice to combat climate change, but offers little in terms of immediate deliverables.

Benigni On Oil Markets - Issue 11

03 December 2021

Outlook for Oil & Gas in 2022

Energy Market Report - Issue 03-Dec-2021

03 December 2021

Crude Balance Tightness Largely Gone

JBC Energy Webcasts - Client Briefing Q4 2021

26 November 2021

Check out our latest webcast, posted on our online platform, available via the "Webcasts' tab

JBC Energy Webcasts - September 2021 Market Update

15 September 2021

Check out our latest webcast, posted on our online platform, available via the "Webcasts' tab

JBC Energy Webcasts - April 2021 Market Update

21 April 2021

Check out our latest webcast, posted on our online platform, available via the "Webcasts' tab

JBC Energy Webcasts - Gas Market Insights Feb 2021

23 February 2021

Check out our latest webcasts, posted on our online platform, via the Webcast tab.

Analysing Energy Commodities Training

23 February 2022 - 24 February 2022

Analysing Energy Commodities Training (AEC)

Singapore

AEC has been designed to provide participants with a thorough understanding of energy commodity fundamentals and the skills to identify key drivers of oil, gas, LNG and alternative fuel markets. 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 market analysts and researchers the course examines how energy markets work from production of fuels all the way to the end user. AEC also takes advantage of JBC Energy’s proprietary forecasting data known as SuDeP™ to identify future industry trends.

  • Spend two days immersed in stimulating training program on energy commodity market fundamentals based on JBC Energy’s exclusive research and unique insights.
  • The program will cover the most relevant commercial and non-technical aspects of oil, gas, LNG and alternative fuel markets.
  • Explore the full complexity of the oil, gas, LNG and alternative fuel markets as well as JBC Energy’s in house Supply, Demand and Pricing (SuDeP) Model.
  • Small class sizes to facilitate learning.
  • Every session is followed by a Q&A session.

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

Client Briefing Q1 2022

31 March 2022 - 31 March 2022

Join JBC Energy's expert analysts for a panel discussion on the latest outlook on energy markets.

Available exclusively to JBC Energy clients through our JBC Online platform.

Inflation Ahead!
Inflation Ahead

Inflation Ahead!

In Issue 01 of the BoOM report (March 2021) we warned that inflation would rise to 3% to 4% as the world recovered from the Covid-19 pandemic. 

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

Get insights into all the most important developments in global energy markets via our flagship daily Energy Market Report and our monthly Market Watch & BooM Reports.

LNG & Natural Gas

LNG & Natural Gas

Expert insights on developments in natural gas and LNG markets. Both short- and long-term analysis of prices, supply, demand, LNG/pipeline trade flows as well as geopolitical developments.

Energy Transition

Energy Transition

Monitor the energy landscape of the future. We assess the latest developments in the energy transition and analyse the impact these will have on energy commodities markets and the wider energy industry.

Refining Views

Refining Views

Comprehensive analysis of the global refining markets. Our state of the art refining model is truly industry leading, differentiating properly between regions, refining setups, and relevant crude baskets.

The Barrel Series

The Barrel Series

The Barrel Series consists of four individual reports covering each segment of the barrel (crude, light ends, middle distillates, & residue), with expert-level coverage and consistent model-driven projections.

Regional Analysis

Regional Analysis

Dedicated coverage of regional crude oil, refined product, and NGL markets. Zoom in on your target region with our weekly and monthly reports covering Europe, the Middle East,  Asia, and the Americas.

Price Forecasting

Price Forecasting

Nuanced price forecasts to inform your forward-looking analysis and support trading decisions. Short, mid, and long-term forecasts for crude, refined products, NGLs, natural gas, and LNG.

JBC Online

JBC Online

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"

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 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

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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