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
Crude Oil Barrel (COB)
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.
Issue 1 - 7 Jan'22
Supply disruptions in Libya and Ecuador facilitated the decision of OPEC+ to continue with the scheduled monthly 400,000 b/d supply increase in February.
Issue 12 - 6 Dec'21
Amid a growing geographic discrepancy in crude market strength, Saudi Arabia raised January OSPs for Asian customers.
Issue 11 - 8 Nov'21
Saudi December OSPs for Asian customers are ramped up strongly amid rising regional intake and curbed Atlantic Basin crude sourcing.
Issue 10 - 6 Oct'21
Crude fundamentals look less supportive than last month's outright price rally suggests.
Bottom of the Barrel
Bottom of the Barrel (BoB)
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.
Issue 1 - 7 Jan'22
The rising refinery complexity next year promises to offer a floor to HSFO cracks, despite the short-term headwinds expected on the heels of conducive simple refinery runs and rising medium, sour OPEC+ crude.
Issue 12 - 6 Dec'21
2022 will be difficult for the less sophisticated refiners.
Issue 11 - 9 Nov'21
The perfect storm for HSFO cracks is already upon us, but sizeable weakness from current levels remains unlikely over the near term. An unexpected source of support for VLSFO cracks makes itself visible from secondary unit refinery economics.
Issue 10 - 6 Oct'21
Headwinds for residue barrels in the Atlantic Basin ahead. Hydrogen will not be the answer to the bunkering mix conundrum, but do not overlook it!
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.
Issue 1 - 7 Jan'22
Have Global Middle Distillates Stocks Finally Reached a Floor?
Issue 12 - 7 Dec'21
What Lockdowns May Mean for European Diesel Demand
Issue 11 - 8 Nov'21
Hydrogen costs squeeze margins on European diesel
Issue 10 - 5 Oct'21
Are Tighter than Average US Diesel Markets Here to Stay?
Top of the Barrel
Top of the Barrel (ToB)
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.
Issue 1 - 10 Jan'22
Gasoline cracks remain well-supported globally. Unless global refinery runs accelerate significantly, especially West-of-Suez, gasoline cracks stand to retain much of their recent strength going forward.
Issue 12 - 7 Dec'21
Despite gasoline cracks taking a hit over H2-November, downside potential remains limited going forward, as the market has likely already priced in much of the bearishness from negative demand outlooks in NWE.
Issue 11 - 9 Nov'21
Returning light ends consumption from key demand centres is providing particularly strong support for gasoline cracks, although supply reactions lurk around the corner.
Issue 10 - 7 Oct'21
Mogas-Diesel spreads have undertaken their expected weakening, with the recent rally in diesel cracks helping to keep refining margins relatively elevated. The demand recovery continues, but risks from COVID and the Chinese power crunch remain.
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
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 CommunityBenigni 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.