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 2 - 4 Feb'21
The latest production cuts by Saudi Arabia have been more or less cancelled out by a dip in end-user demand, as a raft of Asian countries attempt to contain the latest spike in COVID cases
Issue 1 - 6 Jan'21
A short start-of-year take on world crude markets
Issue 12 - 7 Dec'20
The flexible OPEC+ approach decided upon last week allows at least some degree of additional reactivity to coming demand (Covid) or supply surprises (US shale)
Issue 11 - 5 Nov'20
Atlantic Basin crude market structures have weakened further over the past month. This is consistent with an acceleration in coronavirus infection rates particularly in Europe which has forced us to downgrade our demand outlook.
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 2 - 4 Feb'21
-Downside to FO cracks from higher crude intake and return of OPEC+ barrels expected to be limited -Improving conversion margins to benefit complex units, and hence runs, more than simple setups
Issue 1 - 8 Jan'21
2021 Outlook and Highlights
Issue 12 - 3 Dec'20
-VLSFO supply availability update -HSFO demand from scrubbers to pick up -Transatlantic HSFO flows fall -HSFO outlook above forward curve
Issue 11 - 2 Nov'20
-All about the incredibly narrow spread between simple and complex margins -HSFO to remain strong -Looming OPEC+ action to keep residue tight
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 2 - 2 Feb'21
Export competition for middle distillates intensifies.
Issue 1 - 8 Jan'21
Naphtha rally weighing on jet supply economics.
Issue 12 - 1 Dec'20
Yields slow to switch back to diesel on weak pricing signal, unclear sentiment
Issue 11 - 29 Oct'20
Diesel cracks may temporarily assume the margin leader position over the winter months.
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 2 - 8 Feb'21
Naphtha markets set to lose their lustre come Q2 and higher outright crude intake
Issue 1 - 8 Jan'21
While naphtha is enjoying firm demand-side support and a tight supply environment, gasoline continues to grapple with movement restrictions. Nevertheless, light ends are currently enjoying a price upside vs distillates, unlocking additional supply.
Issue 12 - 4 Dec'20
Gasoline cracks and key economic supply indicators have continued to weaken, but further downside will be required before we can expect to see a shift in yields.
Issue 11 - 5 Nov'20
Gasoline cracks have corrected lower in the Atlantic Basin, and although fundamentals remain more supportive vs middle distillates, demand looks to be on increasingly shaky ground.
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.