The US Energy Information Administration (EIA) expects renewable diesel (RD) consumption will move slightly higher on the year in 2025.
In the latest Short-Term Energy Outlook (STEO), released on Tuesday December 10, the EIA left its 2024 RD consumption projection steady on the month at 240,000 barrels per day, but raised its 2025 domestic forecast by 10,000 bpd to 250,000 bpd. In 2023. US RD consumption was 190,000 bpd.
At the same time, the USDA lowered its forecast for US food, feed and other industrial uses of soybean oil by 200 million lb, leaving soybean oil ending stocks down slightly from the prior month’s projection, to levels close to those expected for the 2023/24 marketing year.
Demand from the US biofuel sector started to decline at the end of 2024, as producers slowed or halted feedstock purchases ahead of the transition from the Blenders Tax Credit (BTC) to the 45Z Clean Fuel Production Tax Credit (CFPC) on January 1, 2025.
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