HVO Short Covering Stands Out as Year End Mechanics Drive Biofuels: Paper unwinds pressure ester barges, RINs confirm US slowdown, Black Sea risk reshapes Asia oil flows

European biodiesel markets stayed active into year end, with paper and physical moving together through mechanical adjustment rather than directional conviction. European paper volume in week 51 reached about 1.02 million metric tons, the highest since week 47 at the end of November near 1.31 million. The increase reflects hedge unwinds and balance sheet cleanup ahead of January, not new length.

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