Crude prices shot higher as OPEC forecasted large expected cuts to oil investments that will likely ease production and reduce global crude supplies. Heating oil futures also reacted with an extremely solid move higher to the news. HO futures were up nearly six cents per gallon. The strong HO move was only offset on its effect to the BO-HO spread by a slightly softer rise in soybean oil futures. The BO-HO dropped nearly 4 cents to its lowest level since October 9th.
With the EPA expected to finalize the RVO figures by November 30th, obligated parties stepped in and provided a boost to biodiesel RINs. The B15’s jumped nearly 2.5 cents, trading as high as 57.5 cents on strong volume throughout the day. Ethanol RINs also worked their way higher, but did not advance as quickly as the bio RINs. This allowed the 2015 D4/D6 spread to expand to 16 cents.
11.21.2024
Domestic US biodiesel blending helps lift October RFS RIN production
US domestic biodiesel blending of 147.5 million gallons in October produced a monthly high of 221.2 million renewable identification number (RIN) credits for January-October. This was 11.5% above September...
11.21.2024
CWG trades lower as broader animal fats markets hold steady
The US animal fats and oils markets held steady on Thursday November 21, with limited trading as attention shifted toward broader macroeconomic factors and...
11.21.2024
October commercial cattle, hog production above 2023
US animal protein prices were steady on Thursday November 21. Limited trade was reported from market sources due to the proximity of the extended Thanksgiving holiday weekend in the...