11.22.2024
Biodiesel margins rise, but window of opportunity limited
Biodiesel margins continued to rise during the week to Friday November 22. The bean oil/heating oil (BOHO) spread boosted margins by falling to its lowest level since August 27.
The US imported 11.3 million gallons of biodiesel during August while exporting 21.3 million gallons. Imported gallons were 25 percent under July’s volume, while exports jumped 47 percent reaching their second highest monthly total of the year, according the US Census Bureau. Cumulative 2020 imports have reached 132.2 million gallons and are 16 percent above 2019 imports through August. The United States is averaging 16.5 million gallons of biodiesel imports per month, which is about 2.2 million over last year’s pace. Three countries shipped biodiesel to the US during August, with the only noticeable amount arriving from Canada. Canada supplied 99.8 percent of the monthly volume and 59 percent of the yearly total.
Renewable diesel (RD) imports are not covered by the US Census Bureau but are tracked by the Energy Information Administration (EIA). EIA…