Our Barrel Report series consists of four monthly reports that provide comprehensive coverage of crude oil, light distillate, middle distillate, and fuel oil/residue markets These reports offer expert-level fundamental coverage of individual fuels with consistent model-driven projections in a succinct chart-heavy format.

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Crude oil barrel
Everything you need to know about crude oil

Crude Oil Barrel

Our Crude Oil Barrel report provides detailed analysis on global crude supply, demand, balances, trade flows and pricing. A data Excel add on also allows clients to plug JBC Energy’s proprietary fundamental data into their own models.

  • Released no later than the first business day after the Saudi Arabian Official Selling Prices.
  • Data and charts on all relevant aspects of crude oil demand, supply, balances, trade flows, and pricing.
  • Expert-level fundamental coverage and consistent model-driven projections in a succinct chart & bullet point style.
  • Optional monthly data compilation is also available.
Latest issues

Issue 7 - 6 Jul'20

With Urals differentials recently hitting all-time highs, we delve into how the implementation of Russia's OPEC+ cut agreement is impacting flows and pricing

Issue 6 - 8 Jun'20

OPEC+ output will now remain lower for longer, but further market strengthening will face headwinds from some returning US supply and high inventories

Issue 5 - 11 May'20

The prospect of renewed pressure on crude markets has not yet dissipated despite improvements in headline balances, while various effects continue to play havoc with pricing spreads

Issue 4 - 14 Apr'20

We examine the likely impact of the new international crude production cut agreement.

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Benigni on oil markets
Home of dirty products

Bottom of the Barrel

Our Bottom of the Barrel report offer expert analysis of the fuel oil market and beyond. Each report covers the fundamentals of the various residues and the interplay between them and provides detailed forecasts for what this means for bunker fuels, secondary feedstocks, and demand from the power segment.

  • BoB covers VLSFO, HSFO, LSSR, HSSR, LSVGO, HSVGO, and bitumen markets.
  • Data and charts on all relevant aspects of demand, supply, balances, trade flows, and pricing
  • Expert-level fundamental coverage and consistent model-driven projections in a succinct chart & bullet point style.
  • Optional monthly data compilation is also available.
Latest issues

Issue 8 - 31 Jul'20

-New HSFO pricing merit order -Secondary feedstock as a key balancing tool -Low VGO exports out of Russia

Issue 7 - 1 Jul'20

This edition answers how fuel oil inventories can grow even as balances tighten further.

Issue 6 - 3 Jun'20

Bulls will have to keep the champagne on ice for now. Some market tightness is seen re-emerging over Q3. The window of opportunity for HS residue conversion operations is largely closed by now. How does the HSFO/LSFO split in global storage look like?

Issue 5 - 5 May'20

-US net inputs of VGO turn negative -China takes a few steps forward in its bid to become a bigger global bunkering hub -Coronavirus fallout not as bad for FO as other products

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Mid term outlook
The Value Fuels.

Middle of the Barrel

Middle of the Barrel (MoB)

The Middle of the Barrel report offers comprehensive coverage of global middle distillate markets. Each report starts with our key messages of the month for gasoil, diesel and jet, kero markets where we highlight the potential opportunities and threats in the coming months for the middle distillate cut of fuels.

  • MoB covers gasoil, diesel, VGO, MGO, jet fuel, kerosene and more.
  • Data and charts on all relevant aspects of demand, supply, balances, trade flows, and pricing
  • Expert-level fundamental coverage and consistent model-driven projections in a succinct chart & bullet point style.
  • Optional monthly data compilation is also available.
Latest issues

Issue 8 - 31 Jul'20

The unusual relative strength of the Asian diesel market looks increasingly fragile.

Issue 7 - 1 Jul'20

Diesel markets may show some relative strength vs gasoline over the coming weeks.

Issue 6 - 3 Jun'20

Diesel cracks collapsed on resilience in global crude runs, pushing forward demand cover higher. Optimism in jet regrades looks premature.

Issue 5 - 30 Apr'20

Diesel cracks are already correcting lower on brimming inventories, with a strong risk of temporary collapse should demand recovery fail to materialise soon.

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Top of the barrel
Where transport and petchem meet!

Top of the Barrel

The Top of The Barrel report dives into the latest monthly developments for the world’s leading transportation fuel, gasoline, as well as for petrochemical feedstocks. Regular readers can comfortably navigate their way around this increasingly complex, but ever important segment of the market. Each month in each edition petrochemical feedstock demand is given its own dedicated coverage.

  • ToB covers LPG, naphtha, and gasoline.
  • Data and charts on all relevant aspects of demand, supply, balances, trade flows, and pricing
  • Expert-level fundamental coverage and consistent model-driven projections in a succinct chart & bullet point style.
  • Optional monthly data compilation is also available.
Latest issues

Issue 8 - 5 Aug'20

We see the recent weakening in gasoline/ULSD tonne spreads as unsustainable given still bearish fundamentals on the side of the latter and resilience in driving activity in some corners of the market.

Issue 7 - 2 Jul'20

We are becoming increasingly convinced that a summer gasoline rally would see returning supply quickly nipping it in the bud.

Issue 6 - 8 Jun'20

Improvements in mogas/ULSD spreads, especially in the US, are already bearing fruit on the supply side, which is likely to inject greater volatility into this price spread in the coming weeks.

Issue 5 - 7 May'20

Gasoline/ULSD spreads globally have narrowed markedly partially on emergent weakness in the diesel complex, but the signal this is sending US refiners in particular could prove problematic.

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All our Barrel Data in One Handy Download

Barrel Data Compilation

Clients who subscribed to all four Barrel Series Reports, will receive this a special monthly Excel data sent out at no extra charge.

  • Excel file containing our monthly supply, demand, and balance data for crude and products, split by region and sub-region
  • Detailed refinery capacity and refinery operations data also included
  • Forward demand cover and observed inventory data also provided
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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
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.