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.
Biomass-based diesel (BBD) monthly fell to a three-month low of 63.3 million gallons in July, according to Energy Information Administration data released on Friday. July imports were 11 percent below June but 72 percent over the 36.8 million gallons imported in July 2022. More than 477 million gallons of BBD have been imported during 2023, averaging 68.2 million gallons per month.
Biodiesel imports of 30.4 million gallons were 29 percent below June, but 103 percent over the 15 million gallons imported during July 2022. Renewable diesel imports of 32.9 million gallons were 15 percent above the June total and 32 percent over the 25 million gallons imported during July 2022.
Biodiesel imports arrived from Germany, Canada, Italy, and Spain. Approximately 90 percent of biodiesel imports from the trio of Canada, Germany, and Italy. Renewable diesel imports arrived solely from Singapore, which has provided over 94 percent off the renewable diesel total.
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