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US Natural Gas futures drag energy complex lower down 46% in last 3 months

Gasoil still under pressure and Biodiesel (F0) in Europe trading $100/mt below BOGO which is in a $12/mt contango through Aug. Backwardation on flat price was unchanged overnight on F0 showing +$169 through Q1 while UCOME was showing +$88/mt. US released their RINs generation data and it showed that Feb printed 1.72 Billion RINs under the RFS of which 1.13 Billion was ethanol. Two remarkable items were 1/significant increase in volumes of RNG under the cellulosic fuel category (D3) and 2/ Another big month in Feb for Renewable diesel at 233.49 Mil Gal while RD now account for 47.4% of total (D4) generation for the first 2 months with almost half of this coming from foreign entities and imports.

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