Renewable Diesel Demand and Supply Concerns Drive Price Increases

Renewable Diesel Demand and Supply Concerns Drive Price Increases

Trading was quiet this week out of the Australian and New Zealand markets. A number of market participants are out for the holiday and not due to return until next week. Tight supplies are expected to continue for the short term with a number of abattoirs slowed for the mid-summer break.

Used cooking oil prices traded higher into and within the European markets this week. Strong demand for Q1 from renewable fuel producers is driving the increase along with higher vegetable oil and energy prices.

North American export values are higher on renewed demand to start the new year. Domestic US prices are higher as well, both due to renewed demand but also from concerns over supply availability. COVID cases continue to spread rapidly in the US with record high positivity rates reported this week. The already tight labor market is tighter due to absenteeism and meat packing plants are struggling to manage operations with limited staff. It’s reasonable to expect…

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