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.
US Census Bureau data released on Tuesday October 8 showed that biodiesel imports fell for a third consecutive month in August, to their lowest level in 23 months.
The monthly import total fell to 24.27 million gallons, the lowest volume since October 2022, when 18.8 million gallons were imported.
Biodiesel imports have been falling through the second half of the year so far, while imports of renewable diesel (RD) were rising. Energy Information Administration data showed RD imports hitting successive all-time highs in June and July.
Declining European biodiesel imports have been a driving factor in recent months, according to Census Bureau data. EU imports came to 14.4 million gallons in August. This was up by 17% from July, but 47% below the 2024 average of 27.3 million gallons.
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