The global market continues to say:“There is enough vegetable oil.”The U.S. market continues to say:“There is not enough RFS-qualified feedstock.”
ICE Jun gasoil settled today at $1149.75/mt, down another $21.25/mt or 1.81% on the session, while the nearby Jun/Dec backwardation still held near an extraordinary $209.50/mt. Even after the recent correction, prompt diesel structures remain historically tight and continue to signal constrained nearby middle distillate availability. Storm of headlines continue to emanate from Pakistan/Iran and Washington that no one can control.
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