No Bids, No Normal
For biodiesel and RD traders, today was not about crude being down. WTI Jul fell $1.78/bbl to $74.82 and Brent Aug fell $0.90/bbl to $77.00, but gasoil Jul rose $12.00/mt to $890.75 and heating oil Jul rose 4.03 c/gal to $3.1334. Gasoline is carrying the deflationary headline, with US retail prices down for a sixth straight week and 15% below the May peak, while RBOB Jul fell 0.90%. The deflationary tone also reached gold, down $59.80/oz or 1.42%, and soybean oil, with Jul down $10.80/mt to $1,557.77. Yet diesel did not follow, and gasoil Jul/Dec backwardation bounced to $85.25/mt, up $7.75 from $77.50/mt. That confirms the diesel curve is no longer softening even while crude, gasoline, gold and soybean oil traded lower.
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