Weekly Review

Earnings from renewable diesel producers were out in force this week. Things started with CVR Energy reporting that they were going to pause on starting up their 100 million gallon per year Wynnewood facility.  Their CEO reported that feedstock prices were too high and that their margins on producing RD from soybean oil were negative. CVR went on to say, they received approval for their Coffeyville facility (75 mmgy) but that was also going to be put on hold until the feedstock situation worked itself out. With those two projects paused, CVR mentioned that they would just be sizing their pretreatment operation to the size of Wynnewood.

Phillips 66 announced they reached full production rates of 8,000 barrels per day of renewable diesel from the hydrotreater conversion at Rodeo.  Full conversion of the facility is expected in 2024 and upon completion, Rodeo will have over 50,000 barrels per day of renewable fuel production…