14% move today in the Dec23/Apr24 contango for Gasoil. Considering that we are down 26.5% in the last 3 months, that is a large one day move. Big drop in headline inflation in Europe probably behind this latest move. BOGO on the other hand is up 4% today to +360 while FAME0 still is trading at +215 spot and curve now showing a $29/MT contango to Q1. Similar issue for UCOME. Only exception remains RME (winter biodiesel) that is showing an $18/mt backwardation as gross Biodiesel margins widens to $165/mt basis replacement values. Situation in the US is unchanged with D4 RINs still trading at 87 cents as we await more information from EIA at the end of Nov that will report on Sep production. NOPA data already promises that EIA will continue to show massive ramp up of Renewable Diesel.
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