July STEO Lowers Renewable Diesel Production/Consumption Outlook 2024
The U.S. Energy Information Administration (EIA) delivered their June Short Term Energy Outlook (STEO) yesterday. It showed mostly downward adjustments in fuel consumption for both gasoline and diesel in 2024, along with renewable diesel production and consumption continuing to trend higher in 2023 and 2024.
The 2023 forecast for gasoline consumption was raised 10,000 barrels per day (bpd) to 8.89 million bpd, while the 2024 forecast was adjusted 30,000 bpd lower to 8.88 million bpd. Projected 2023 diesel consumption was unchanged from the May outlook at 3.68 million bpd, but the 2024 forecast was reduced 60,000 bpd to 3.65 million bpd.
The 2023 and 2024 projected ethanol production forecasts were both lowered 10,000 bpd, to 990,000 bpd and 1 million bpd, respectively. Ethanol consumption was projected 1,000 bpd lower in 2023 to…
11.21.2024
Domestic US biodiesel blending helps lift October RFS RIN production
US domestic biodiesel blending of 147.5 million gallons in October produced a monthly high of 221.2 million renewable identification number (RIN) credits for January-October. This was 11.5% above September...
11.21.2024
CWG trades lower as broader animal fats markets hold steady
The US animal fats and oils markets held steady on Thursday November 21, with limited trading as attention shifted toward broader macroeconomic factors and...
11.21.2024
October commercial cattle, hog production above 2023
US animal protein prices were steady on Thursday November 21. Limited trade was reported from market sources due to the proximity of the extended Thanksgiving holiday weekend in the...