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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Find the value in each segment of the barrel
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.
Issue 9 - 7 Sep'20
Crude prices and structures have remained in a fairly narrow bandwidth, but we see obstacles to a firmer market for the time being even if OSPs have offered some help on the margin front
Issue 8 - 6 Aug'20
Increasing signals of weakness in the near-term physical crude market have so far been shaken off by outright prices, while Aramco maintains higher prices for term crude in Asia
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
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.
Issue 9 - 1 Sep'20
-Comparison of forecast IMO-2020 bunkers vs actual H1-2020 bunkers -A closer look at the Fujairah bunkering hub -Impacts of super narrow HSSR premium over cracked HSFO
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?
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 9 - 28 Aug'20
Gasoil/diesel floating storage ticked back up over August as price signals failed to curtail supply aggressively enough.
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.
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.
Issue 9 - 4 Sep'20
Key pricing spreads have seen a strong incentive to maximise gasoline production emerge this month
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.
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.