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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 - 3 days ago

Weekly margins report

We expect global product demand (ex-LPG and other oils) to grow m/m by 4.16 mb/d in July, with demand in Europe rising by 1.10 mb/d m/m. However, we expect no significant rise in either refinery runs or utilisation rates in July as spot margins for July are currently at new five-year lows—surpass..

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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.