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.
Data released by the US Energy Information Administration (EIA) on Friday May 31 showed that US imports of biomass-based diesel (BBD) surged during the first quarter of 2024.
Imports reached a record high of 263.5 million gallons, 32% above the previous first-quarter record of 200 million gallons set in 2023. First-quarter imports were 4% higher than the fourth-quarter 2023 imports of 138 million gallons.
Biodiesel imports of 143.2 million gallons were a record high for the first quarter, as were renewable diesel imports of 121.9 million gallons. Biodiesel imports were 22% above the prior record of 117.5 million gallons, reached last year, and renewable diesel imports were 21% above the 2021 record of 101 million gallons.
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