US biodiesel jumps 10 cents/gal on crude oil

29 November 2007 23:05  [Source: ICIS news]

HOUSTON (ICIS news)--Spot prices and bid/offers for US biodiesel have jumped about 10 cents/gal from last week, traders said on Thursday.

Bid/offer levels on B100 (100% biodiesel, no subsidy amount) soy methyl esters (SMEs) in the key US midwest producing region ranged from the high $3.70s/gal to the mid- $3.80s/gal this week, according to global chemical market intelligence service ICIS pricing.

B100 SMEs priced at $3.80/gal result in a blended B99.9 price of $2.80/gal due to the $1/gal federal tax subsidy for the biofuel.

But firmer bid/offer levels and boosted price sentiment did not result in a flurry of finished deals on Thursday, as trading was thin in the midwest, traders said.

The same slim spot interest was observed along the US Gulf coast, although B99.9 SME for export did bounce with the midwest prices, hitting a $3.75-3.80/gal range for the week, according to ICIS pricing.

By: Judith Taylor
+1 713 525 2653

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