Lower Trending Economic Data Seen Holding Diesel Demand Below 2022 Levels

Lower Trending Economic Data Seen Holding Diesel Demand Below 2022 Levels

The U.S. Energy Information Administration (EIA) released the September Short Term Energy Outlook (STEO) today. The report showed a projected decline in gasoline consumption for 2023 and 2024 coupled with an expected rise in 2023 diesel consumption. The EIA raised the 2023 ethanol production outlook while lowering the 2024 forecast. Ethanol consumption is seen moving lower in 2023 and 2024. Lastly, production and consumption of biodiesel and renewable diesel is expected to rise in 2023 and 2024.

Gasoline consumption is expected to trend lower due to the U.S. Census Bureau projecting fewer people of working age, as more “boomers” enter retirement. Retired individuals traditionally and statistically drive less than working individuals. The 2023 gasoline consumption forecast was lowered 40,000 barrels per day (bpd) to 8.87 million bpd, and the 2024 forecast was reduced 180,000 bpd to 8.73 million bpd.

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06.24.2024

Stable biodiesel production leaves supply, prices unchanged in crude glycerin market

Stable biodiesel production leaves supply, prices unchanged in crude glycerin market

Glycerin prices held steady on Monday June 24, with producers and traders reporting little change to begin the week.

Crude glycerin traders were quoting the market in the...

06.24.2024

Cattle slaughter continues to lag 2022, 2023 levels

Cattle slaughter continues to lag 2022, 2023 levels

Six cars of technical tallow traded at 54 cents per lb Chicago on Monday June 24, and separately two cars of edible tallow traded up to 56 cents per...

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Hog slaughter slightly higher into July; May cattle placed on feed higher

Hog slaughter slightly higher into July; May cattle placed on feed higher

The US domestic protein market was quiet on Monday June 24, with no price changes reported.

US hog slaughter
Fastmarkets’ research team forecasts hog slaughter at 2.38 million...

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