US animal fats, oils activity picks up as Gulf buying interest returns

Fastmarkets08-19

While many renewable diesel producers remain well covered for nearby needs, participants said imported inventories accumulated during recent turnaround activity are increasingly being worked through, ...

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The shift has begun to stir additional September interest and renewed competition for domestic feedstocks.\n“The Gulf is heating up,” one participant said, noting better buying interest in the region on Wednesday.\nParticipants said the change does not necessarily indicate an immediate shortage of feedstocks, but rather a gradual tightening in the nearby supply-demand balance. After roughly six to eight weeks of turnaround activity and imported cargoes being unloaded, attention is beginning to shift toward what supply will look like as facilities ramp back up.\nImport economics have also become less advantageous. Participants noted that foreign feedstocks are no longer arriving at the substantial discounts to domestic material seen earlier in the year, particularly after accounting for the reduced 45Z value available to imported feedstocks. Imports are still expected to provide supply-chain and transportation diversification, but the changing economics could increase the focus on domestic material heading into the fall.\nRenewable diesel economics\nRenewable diesel economics also remained supportive on Wednesday, with September New York Mercantile Exchange ultra-low-sulfur diesel (ULSD) futures rising 1.2% to settle at $4.304 per gallon from $4.2525 per gallon on Tuesday August 11, reaching their highest settlement for the contract month. September Chicago Board of Trade soybean oil futures strengthened to 69.16 cents per lb from 68.57 cents per lb, largely reversing Tuesday’s decline.\nWith ULSD slightly outpacing soybean oil, the September soybean oil-heating oil (BOHO) spread narrowed modestly to approximately $0.78 per gallon from $0.79 per gallon on Tuesday. The spread has fallen considerably from its recent high near $1.24 per gallon on August 4, improving renewable diesel economics on paper.\nParticipants noted that strong diesel and Renewable Identification Number (RIN) values continue to provide favorable renewable fuel margins despite recent volatility in futures markets. D4 RIN values remain nearly double levels seen at this time last year, contributing to a much stronger credit environment heading toward the end of the year.\n“Everyone is still enjoying strong HO for the month and good RIN values,” one participant said. “People are still making money in this business.”\nImproved Gulf interest was reflected in physical prices on Wednesday. Used cooking oil, delivered US Gulf, was assessed at 78-80 cents per lb, up from 76-77 cents per lb on Tuesday, based on bids and offers heard at both ends of the range. Tallow, max 20% ffa, del US Gulf, also strengthened to 76-77 cents per lb from 74-75 cents per lb the previous day.\nOutside the Gulf, California feedstock markets remained firm, supported in part by strengthening Low Carbon Fuel Standard (LCFS) credit values. LCFS credits were around $79 per metric ton on Tuesday after exceeding $80 per metric ton earlier in August, remaining above the roughly $74-75-per-tonne levels seen through much of July. The stronger credit environment provides additional value for low-carbon-intensity (CI) feedstocks moving into California, although physical assessments there were largely unchanged on Wednesday.\nMidwest markets\nMidwest markets remained less active. Delivered Chicago and FOB fats saw limited trading, although choice white grease, fob Missouri River, strengthened to 68-71 cents per lb from 67-69 cents per lb on Tuesday. Yellow grease values were largely steady, with participants expecting current levels to hold if renewable fuel buying continues to improve.\nOther fats have seen more pressure from traditional end markets, with poultry fat values moving modestly lower this week amid softer feed demand. The divergence highlighted uneven demand across end uses, with feed-oriented markets seeing somewhat more pressure than feedstocks with greater exposure to renewable fuels.\nDistillers corn oil (DCO) also moved modestly higher alongside soybean oil. Distiller’s corn oil, delivered US Gulf values increased to 76-77 cents per lb from 75-77 cents per lb on Tuesday, while most FOB Midwest indications remained around 74-75 cents per lb for prompt material.\nWeekly production data, meanwhile, pointed to a modest increase in DCO availability. The US Energy Information Administration reported ethanol production averaging 1.117 million barrels per day during the week ended Friday August 7, up approximately 1% from the previous week and 2.2% above year-ago levels. Based on Fastmarkets estimates, DCO production averaged 10.604 million lb per day, up by 0.9% week on week and 2.2% year on year.\nAfter several weeks of limited activity, Wednesday’s firmer Gulf values offered the first sign of renewed September buying interest, while Midwest markets remained comparatively subdued. Participants will continue watching whether that interest broadens as the month progresses and facilities return from turnaround activity.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2660994441","isCrawlerRequest":true}