Tight Gasoil, Tighter Biofuel Uncertainty
Europe’s biodiesel market remained subdued mid-week even as energy futures surged. The ICE gasoil Nov/Apr backwardation widened to +77.75 $/mt, its steepest in months and more than 20 percent higher than at the start of the week, underscoring acute prompt tightness ahead of the November delivery window. Physical ARAG barge trading stayed thin, with RME +$698/mt, FAME0 +$601.50/mt, and UCOME +$781/mt, while UCOME paper volume surpassed 200 kt early in the week—the heaviest turnover since September—as traders repositioned around policy expectations.
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