The U.S. Soyoil Island Expands While Europe Trades Prompt Tightness
Europe remains a prompt physical biodiesel story driven by barge activity. NWE window trades showed RME at 50 to 70 over front month ICE gasoil. FAME traded at 50 to 99 and UCOME at 205 to 208. Using front month ICE gasoil April at $1,387.50 per metric ton, this implies flat prices of $1,437.50 to $1,457.50 per metric ton for RME, $1,437.50 to $1,486.50 for FAME, and $1,592.50 to $1,595.50 for UCOME. HVO Class II printed at 1,250, implying about $2,637.50 per metric ton, and SAF at 950 implies about $2,337.50. The spread between UCOME at 208 and FAME at 50 is $158 per metric ton, confirming that waste-based barrels remain structurally tight. This is a physical signal with strong prompt demand supported by the distillate complex.
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