Flat price level in Northwest Europe for Biodiesel exploded higher to nearly $1500 on UCOME or $744 over ICE gasoil. We have not seen these levels on Biodiesel going back to Mar 9 when Gasoil was $50 higher at $805. We are also seeing large amounts of diesel being exported from US to Europe reaching nearly 42% of total EU diesel imports or 290,000 barrels per day. Meanwhile BOGO dropped nearly $30/mt to $650/MT narrowing the FAME 0 premium spread to less than $100/mt which is the narrowest we have seen lately. FAME 0 traded today at +565/mt over ICE gasoil. FAME 0 Backwardation Q3/Q4 widened to +$114/mt on flat price while UCOME remains at +80.
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