The US Short-Term Energy Outlook (STEO) released on Tuesday August 6 by the Energy Information Administration (EIA) showed a softening in renewable diesel (RD) production and consumption for 2024 and 2025. The EIA’s biodiesel outlook edged higher from the July forecast. Gasoline consumption was also expected to rise, along with ethanol consumption.
The EIA trimmed their 2024 RD production forecast from 212,000 barrels per day to 206,000 bpd, reaching the lowest 2024 projection on record. The 2025 production outlook fell from 256,000 bpd to 244,000 bpd, also reaching a recorded low.
Renewable diesel consumption was similarly reduced. The 2024 blending outlook declined from 239,000 bpd in July to 234,000 bpd this month, reaching its lowest forecast since February 2023. The 2025 blending outlook slipped from 273,000 bpd to 261,000 bpd. The 2025 blending forecast was a new low.
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11.21.2024
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