US biodiesel production soars by 73% - EIA

25 July 2008 16:52  [Source: ICIS news]

HOUSTON (ICIS news)--US biodiesel production during the first four months of 2008 increased by 73% compared with the same period one year before, the US Energy Information Administration (EIA) said on Friday.

Producers made 196m gal (742 litres) of the renewable fuel from January through April 2008, up from 113m gal during the same months last year, according to EIA data.

European demand for US biodiesel still outstrips the domestic market, with about 70% of the nation's biodiesel going to that market, sources said.

However, cheaper Argentine biodiesel has recently offered US suppliers competition in the European market, leading to a drop in sales for July, US biodiesel sources said.  

US soy methyl ester B100 biodiesel was assessed at $5.50-5.70/gal (€0.93-0.96/gal) FOB (free on board) USG (US Gulf), according to global chemical market intelligence service ICIS pricing.

($1 = €0.64)

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By: Ben Lefebvre
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