The Jacobsen B100 price index for biodiesel moved lower in the week to Thursday July 11, with producers reducing their prices in response to changing economic factors.
The freight industry remained in an elongated recession, according to Bank of America freight analyst Ken Hoexter. This recession continues even while renewable fuel capacity in the US is expanding.
ULSD heating oil prices were down by 4% relative to last week, while soybean oil pricing was down by 5%. Weak freight demand and rising renewable diesel supply were weighing on the market, according to one fuel supplier speaking with Fastmarkets.
Phillips 66 began ramping renewable diesel production higher in April at its Rodeo Renewed facility in the US state of California. Rodeo has capacity for about 800 million gallons per year and was operating at 50% capacity in April, with plans to be at 100% capacity by the end of June.
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