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Refining margins

The refining margins service surveys spot and forward markets for global refining systems. We use our proprietary models to highlight challenges and opportunities for traders and optimisers. The service is led by Raul Alcamo in London.

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Weekly margins report - 4 days ago

Weekly Margins Update

European complex margins (-$0.10/bbl w/w) continue to track the five-year lows (Figures 9–10 and 18–19) as a consequence of low products demand. We expect main products demand to be 1 mb/d lower m/m in November. October main products demand (12.8 mb/d) likely reached its highest level since April..

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Access to analysts

Clients of the Refining margins service have direct access to our analyst team to raise questions, dig more deeply into our views and discuss market trends. Questions and other requests can be sent to

Service methodology

The Weekly margins report and the associated data service are based on our proprietary models, which represent the weighted average distribution of different products coming out of refineries from a specific region. Further detail on the methodology is available here.