Jun report from EIA shows Soyoil continued drop in allocation as a feedstock for RD/biofuels despite increasing capacity available +7% month to month. The big winners are Tallow and Yellow Grease that are up month to month respectively +21% and +28%. No changes in Canola but a small drop in Corn oil. This data does not take into account UCO as EIA figures does not reveal data to protect individual producers operations in the US. ICE Gasoil breakdown continues as we are now 17% lower than on July 5 which continues to impair demand for Biodiesel - lower gasoil never great for Biodiesel. RME (winter Biodiesel) traded at $1206/mt in Northwest Europe while Rapeseed oil replacement showing a gross margin of $161/mt which is a large margin. Soyoil remains the cheapest soft oil in western Europe. UCOME is trading at $1322/mt showing gross margin of $304/mt, also unsustainable for current demand. HVO class II in Europe is showing premium of +880/mt over ICE gasoil while class IV(pome based) is showing premium of +850. Market is obviously discounting further drop in gasoil flat price. Chart remains ugly for ICE Gasoil just like the one of Soyoil despite the rally last friday. Most impressive graph is how Renewable Diesel capacity keeps increasing in the United States and leaving you with thoughts of likely RD exports in 2025.
コメント