04.26.2024
P66 Rodeo to begin producing SAF in Q3
Phillips 66 brought its long-awaited Rodeo Renewable Energy Complex online during the first quarter of 2024, but it is not producing sustainable aviation fuel (SAF) yet, the company said...
Light Profit-Taking Weighs on Soybean and Palm Oil Prices
On Tuesday, world vegetable oil prices were mostly lower outside of the Dalian exchange. Chinese futures rose in response to the strength in soybean oil and palm oil prices on Monday. The decline in soybean oil and palm oil values occurred despite a rally in energy prices. West Texas Intermediate (WTI) futures rallied to test the $40 per barrel level during U.S. trading hours, but resistance left it to settle just below the critical psychological level. Still, the benchmark contract rose nearly 2 1/2 percent to erase most of the decline on Monday.
Strength in energy prices could be crucial if soybean oil prices try to rally as the spread between soybean oil and heating oil prices (HOBO) has stretched back to mid-September highs. The reduction in profitability for biodiesel producers implied by the widening HOBO spread contributed to the reversal in vegetable oil futures…