Gasoil was associated with an equally excited barge market in NWE as window traded frantically to insure Oct deliveries. Even screen heat crack margins rose above $22/barrel. Soyoil was also following the gasoil market settling above its 50days wdma. Spread between Rapeseed oil and Soybean oil in NWE also narrowed to $6/mt. We take advantage of Germany Unity day to exhibit my truly favorite chart from UFOP yearly review that shows how much lower domestic consumption has been in 2024 Vs Capacity which reached 80% last year while this year we are only at 74% based on 3.251 Mil MT of installed biodiesel capacity in Germany. Germany remains a good measure of overall economic activity in Europe and particularly NWE. RME premium jumped to +535/mt over ICE gasoil FOB ARAG while HVO cl2 and cl4 are $350/mt higher. RME/FO remained strong. Not much to concluded while we navigate geopolitical events. We are only a few months from the 2% SAF mandate in Europe and neat SAF is trading $1000/mt flat price lower than early this year with premium over ICE gasoil offered FOB ARAG at +1100/mt
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