SAF Is Being Built in Asia, but Priced in Europe: Gasoil Firms, Malaysia Joins China, and Europe Remains the Only Real Demand Sink
Energy markets firmed modestly today, with distillates doing just enough work to lean on biofuel spreads without triggering a broader risk-on move. Gasoil was slightly higher, and that mattered mechanically: BOGO softened not because of weakness in bean oil, but because of the energy leg. Jan BOGO is now around +451, highlighting that recent compression has been driven by gasoil rather than vegetable oil fundamentals.
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