Our Refining Views report series provides a comprehensive understanding of the global refining industry and markets. At the centre of our analysis is an industry leading, state-of-the-art propriety refining model that allows our analysts to properly differentiate between regions, refining setups, and relevant crude oil baskets.

Distilling what you need to know Distilling what you need to know
Refining margin models Refining margin models
Refinery outages and capacity additions Refinery outages and capacity additions
arrow arrow
Global refinery margins
Our most popular report

Global Refinery Margins

In this weekly report, we analyse the underlying complexities of the global refining market, presenting product-by-product updates for key regions: East of Suez, Americas, and the wider European region including the Former Soviet Union and Africa.

  • Analysis of weekly movements in petroleum product crack spreads including a short-term outlook, informed by arbitrage calculations, refinery maintenance updates and secondary processing unit margins.
  • Weekly updates to benchmark refining margins for each region using our proprietary in-house refining model.
Latest issues

Issue 37 - 14 Sep'20

The US refining margin has been under pressure recently, but its underlying fundamental advantages should return before long.

Issue 36 - 7 Sep'20

Weakening demand and a middle distillate overhang are hampering our crude intake outlook.

Issue 35 - 31 Aug'20

High-sulphur residue conversion has been attracting attention again, but weak simple margins are set to curtail availability from Russia.

Issue 34 - 24 Aug'20

Demand recovery falters, with diesel in the firing line over winter

arrow arrow
Quarterly refining outlook
A must-read for refinery planners

Refining Outlook

Refining Outlook is an extensive quarterly publication that offers clients an excellent synopsis of the latest and projected developments on global petroleum products and refining markets in two parts.

  • Part one investigates the general market conditions concentrating on the economy, supply and demand, inventories, freight, regulatory changes, and emissions.
  • Part two presents a detailed petroleum product-by-product outlook for the next quarter including outlooks for refinery maintenance and upcoming expansions.
  • Also includes data compilations of our balance figures, refinery maintenance and refining capacity additions.
Latest issues

Issue 2 - 26 Jun'20

The market's new normal remains a rather precarious state, with overcapacity on the crude and product supply side its defining features.

Issue 1 - 27 Mar'20

-Quartus horribilis ahead -Impacts of Coronavirus on demand, supply, balances, and stocks

Issue 4 - 17 Dec'19

-Weak margin environment is a nightmare before Christmas -2020 refining to feel systemic pressure of overcapacity -Asia to bear brunt of consolidation

Issue 3 - 7 Oct'19

-West-to-East arb is broken -HSFO backwardation inflates spot margins -Demand slump trumps supply shock -VLSFO rapidly gains market acceptance