Plunge in Crude Oil Drives Vegetable Oil Prices Lower

Plunge in Crude Oil Drives Vegetable Oil Prices Lower

Plunge in Crude Oil Drives Vegetable Oil Prices Lower

Vegetable oil prices dropped sharply on Friday as plunging crude oil prices caught traders’ attention. Crude oil fell nearly four percent, which left the benchmark October contract below the psychologically critical $40-per-barrel level. The decline in crude oil prices during the week was the largest weekly drop since June. Concerns about a slower-than-expected economic recovery and the lack of progress in negotiations for another stimulus package have driven the move lower. Also, slowing domestic gasoline demand and rising distillate inventories in Asia have also contributed to the bearish tone in the crude oil market.

Soybean oil prices dropped nearly 1 1/4 percent (December contract +40 basis points per pound). Selling at the 33.5-cent level and the continued fund liquidation of long oil share positions…

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03.28.2024

LCFS credit volumes, average prices move higher

LCFS credit volumes, average prices move higher

**Please note – There will be no Biomass Based Diesel bulletin on March 29, 2024, in observance of Good Friday.**

**Bob Lane was out of the office today.**


California low carbon...

03.28.2024

Diverging FOB and delivered markets to close out March

Diverging FOB and delivered markets to close out March

Please note – The Jacobsen will not publish an Animal Fats bulletin on Friday, March 29th in observance of the Good Friday holiday.

Trading was quiet ahead of...

03.28.2024

March monthly averages mixed for animal proteins

March monthly averages mixed for animal proteins

** Please note: The Jacobsen will not publish a bulletin on Friday, April 29 in observance of Good Friday. **

Light trade was reported for the end of...

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