From 9e3e0d423cb4058ee48213fd166f4d2e0825d800 Mon Sep 17 00:00:00 2001 From: eulahscanlon11 Date: Sat, 11 Jan 2025 16:57:13 -0500 Subject: [PATCH] Add 'US Biofuel Producers Ramped up in Oct As Profitability Improved,' --- ...mped-up-in-Oct-As-Profitability-Improved%2C.md | 15 +++++++++++++++ 1 file changed, 15 insertions(+) create mode 100644 US-Biofuel-Producers-Ramped-up-in-Oct-As-Profitability-Improved%2C.md diff --git a/US-Biofuel-Producers-Ramped-up-in-Oct-As-Profitability-Improved%2C.md b/US-Biofuel-Producers-Ramped-up-in-Oct-As-Profitability-Improved%2C.md new file mode 100644 index 0000000..f34da99 --- /dev/null +++ b/US-Biofuel-Producers-Ramped-up-in-Oct-As-Profitability-Improved%2C.md @@ -0,0 +1,15 @@ +
Renewable diesel [producers usage](https://www.proactiveinvestors.co.uk/companies/news/159352/mission-newenergy-debt-free-focused-on-biofuel-joint-venture-60797.html) at 77%, highest since July - AEGIS
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Biodiesel manufacturers usage rate hit 89% in Oct, greatest considering that June 2023
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Better credit prices, more powerful diesel demand spurred greater activity - expert
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NEW YORK, Jan 3 (Reuters) - U.S. renewable diesel and [biodiesel](https://www.zonebourse.com/cours/action/MISSION-NEWENERGY-LIMITED-8557641/) producers increase operations in October to [multi-month](https://stocktwits.com/symbol/MNEL) highs, helped by more powerful margins for the biofuels, according to information assembled by advisory group [AEGIS Hedging](https://www.zoominfo.com/c/mission-newenergy/346542889).
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Renewable diesel manufacturers used 77% of their overall operable capability in October, the greatest given that July 2024, the data showed. [Biodiesel](https://www.proactiveinvestors.com.au/ASX:MBT/Mission-NewEnergy-Ltd) plant utilization increased to 89%, the greatest because June 2023.
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Rising utilization rates and improving margins are a welcome relief for the [biofuels](https://www.marketscreener.com/quote/stock/MISSION-NEWENERGY-LIMITED-178469/company/) market, after operators withstood a rough start to 2024 as need development slowed, [leaving](https://www.abnnewswire.net/companies/en/31347/%E0%B8%9A%E0%B8%A3%E0%B8%B4%E0%B8%A9%E0%B8%B1%E0%B8%97-Mission-NewEnergy-%E0%B8%88%E0%B8%B3%E0%B8%81%E0%B8%B1%E0%B8%94.html/4) the market oversupplied and [requiring](https://www.zonebourse.com/cours/action/MISSION-NEWENERGY-LIMITED-8557641/) a variety of [biodiesel](https://forest500.org/rankings/companies/mission-newenergy-limited) plant closures.
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Both sustainable diesel and biodiesel are more expensive to [produce](https://www.businessnews.com.au/Company/Mission-NewEnergy) than diesel, making providers dependent on federal government incentives such as tax credits. Among the 2, [renewable diesel](https://www.energy-xprt.com/companies/mission-newenergy-limited-36048) has become the preferred fuel for suppliers, as it reaps much better rewards and can entirely.
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Total biodiesel production capability fell 4.2% year-over-year to about 2 billion [gallons](https://www.nasdaq.com/market-activity/ipos/overview?dealId=804419-65608) in October, according to information [released](https://www.intelligentinvestor.com.au/shares/asx-mbt/mission-newenergy-limited/share-price) by the U.S. Energy Information Administration on Tuesday.
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Renewable diesel output capacity rose almost 19% year-over-year to 4.58 billion gallons in October, the [EIA data](https://www.investing.com/equities/mission-newenergy-ltd-company-profile) showed, as a lot of new [biofuel](https://www.investing.com/equities/mission-newenergy-ltd-company-profile) plants opened in the past three years were [tailored](https://www.zonebourse.com/cours/action/MISSION-NEWENERGY-LIMITED-8557641/) towards it.
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Still, oversupply pushed sustainable [diesel output](https://stocktwits.com/symbol/MNEL) capacity 6% lower in October from a record 4.90 billion gallons in June.
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In addition to plant closures, success for the industry in October was [improved](https://www.proactiveinvestors.co.uk/companies/news/159352/mission-newenergy-debt-free-focused-on-biofuel-joint-venture-60797.html) mainly by a rise in the worth of credits required for compliance with federal [biofuel](https://stocktwits.com/symbol/MNEL) requireds, said Zander Capozzola, vice president of sustainable fuels at AEGIS.
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D4 Renewable Identification Numbers, provided for [biodiesel](https://www.zonebourse.com/cours/action/MISSION-NEWENERGY-LIMITED-8557641/) and renewable diesel production, increased from a low of 56 cents each in September to over 71 cents in October, improving success for making the fuels, Capozzola said.
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Margins were also helped by stronger need for diesel, which hit an one-year high in October, raising costs for both the standard fuel and its alternatives, he said.
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Prices for credits under the Low Carbon Fuel Standard program of California, where most biofuels are consumed in the U.S., also [increased](https://www.zonebourse.com/cours/action/MISSION-NEWENERGY-LIMITED-8557641/) from listed below 60 cents each in Sept to over 70 cents each in October, according to AEGIS.
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"You actually had everything rowing in the right direction in October," Capozzola said. (Reporting by Shariq Khan in New York City \ No newline at end of file