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Ethanol & Biodiesel Information Service

Pricing, News and Analysis for Buying and Supplying Ethanol-Blended Fuel and Biodiesel

September 21, 2015 • Volume 12, Issue 38
Ethanol Futures (cts/gal contract price)
October 2015
CBOT

152.20

November 2015

December 2015

149.60

147.40

Settlement Thursday, September 17, 2015

January 2016
145.50
Source: Chicago Board of Trade

Ethanol & Gasoline Component Spot Market Prices
U.S. RINs (prices in U.S. $/RIN)
Fri. 09/11

Mon. 09/14

Tues. 09/15

Wed. 09/16

Thurs. 09/17

Wkly. Avg.

U.S. Ethanol RINs
Current Yr

0.2850-0.3000

0.2850-0.2900

0.2800-0.3000

0.3000-0.3200

0.3150-0.3250

0.30000

Previous Yr

0.2950-0.3100

0.2950-0.3000

0.2900-0.3100

0.3100-0.3300

0.3225-0.3325

0.30950

U.S. Cellulosic RINs
Current Yr

0.6350-0.6450

0.6350-0.6450

0.6350-0.6450

0.6350-0.6450

0.6350-0.6450

0.64000

Previous Yr

0.4850-0.4950

0.4850-0.4950

0.4850-0.4950

0.4850-0.4950

0.4850-0.4950

0.49000

U.S. Biodiesel RINs
Current Yr

0.3800-0.3900

0.3800-0.3900

0.4100-0.4300

0.4300-0.4550

0.4400-0.4600

0.41650

Previous Yr

0.3600-0.3700

0.3500-0.3700

0.3700-0.4000

0.3900-0.4100

0.4000-0.4100

0.38300

U.S. Advanced Biofuel RINs
Current Yr

0.3750-0.3800

0.3400-0.3600

0.4100-0.4250

0.4200-0.4500

0.4300-0.4400

0.40300

Previous Yr

0.3200-0.3300

0.3200-0.3400

0.3700-0.4000

0.3800-0.4000

0.3900-0.4000

0.36500

Thurs. 09/17

Wkly. Avg.

Chicago (prices in U.S. $/gal.)
Fri. 09/11

Mon. 09/14

Tues. 09/15

Wed. 09/16

Ethanol

1.4900-1.4910

1.5150-1.5250

1.5200-1.5270

1.5300-1.5400

1.5400-1.5420

1.52200

DP ETH

1.4900-1.4950

1.5150-1.5250

1.5250-1.5300

1.5300-1.5400

1.5400-1.5450

1.52350

B100 SME

2.5700-2.7500

2.5200-2.7000

2.5200-2.7000

2.5700-2.7300

2.5300-2.7000

2.62900

RBOB Unl

1.6349-1.6449

1.5193-1.5293

1.5829-1.6679

1.7071-1.7386

1.7860-1.7960

1.66069

RBOB Pre

2.3524-2.3624

2.3068-2.3168

2.3704-2.4554

2.3171-2.3486

2.3210-2.3310

2.34819

CBOB Unl

1.4149-1.4249

1.3693-1.3793

1.4329-1.5179

1.5421-1.5736

1.5460-1.5560

1.47569

ULSD

1.5650-1.5750

1.5185-1.5285

1.5150-1.5250

1.5539-1.5639

1.5447-1.5547

1.54442

Chicago Rule 11 (prices in U.S. $/gal.)
Current Yr

Fri. 09/11

Mon. 09/14

Tues. 09/15

Wed. 09/16

Thurs. 09/17

Wkly. Avg.

1.4600-1.4800

1.4900-1.5000

1.5000-1.5200

1.5300-1.5400

1.5100-1.5400

1.50700

Ethanol Market Overview:

Chicago ethanol breaks out
Chicago ethanol continued to step higher in
an orderly fashion over the last week and clearly
moved beyond the rangebound trading that
characterized the market through most of August
and through the first half of September.
Near-term bulk deals at the Chicago-area’s
Argo facility reached $1.54/gal at midweek, and
by presstime had moved over that number, with
the last word showing transactions for material
available over the next week at $1.542/gal. The
latest trade talks indicated Chicago ethanol rolling
up gains of as much as 7.5cts week to week
and breaking out of the several cents either side
of the middle $1.40s/gal range that the market
inhabited for most of the last six weeks or so.
Backwardation did not disappear, but in some
cases became more pronounced in Chicago.
Even as timing rolled into the last dozen days of
the month, prompt values were said to fetch as
much as a penny over any-September volumes
that had reports of $1.53/gal trading. Some anyOctober traded $1.50/gal at midweek, and the
last discussions indicated it was still either side
of that number – or about 2.75-3cts cheaper than
the any-September barrels.
Though market sources noted that ethanol
remained relatively costly against gasoline
values, demand for near-term ethanol, at least
in the Chicago-area bulk market, appeared to
pick up through the week. Spot CBOB in the
Windy City trading around $1.55 for the spot
gallon indicated about party, or perhaps a penny

See page 2 for more spot pricing locations 

continued on page 3

In Each Issue ...
Ethanol Market Overview .......................... 1

Renewable Fuels Averages........................ 5

Biodiesel/Ethanol Plant Profitability.........10

Ethanol and Gasoline
Component Spot Prices ........................ 1-2

Biofuels Stock Performance...................... 6

Renewable Fuel Feedstock/
Co-Product Price Index............................11

Block Term Contract Prices
in Key Markets........................................... 3

In Key Commodity Markets....................... 8

Bulk Truck Spot Prices
in Key Markets........................................... 3

Inside Washington..................................... 7

European, Brazilian and
CBI Markets..............................................12

Key Supply and Demand
Statistics.................................................... 8

Ethanol & Biodiesel Information Service is an OPIS Publication

|

www.opisnet.com

News of the Week.....................................15

|

888.301.2645

|

energycs@opisnet.com

0095 0. Avg.1918 1.3700-1.3269 1.3360-1.0096 0.3710 1.3900 1.5700-1.6750 1.6300-1. Avg.6700-1. 09/16 Thurs.4400-2.2473 1.0093 2.3110-1. 09/14 Tues.70154 CBOB Unl 1. Splash Blend Producer Prices: These are the average of the Thursday closing price that producers (not resellers) are posting at various rack locations.4050 1.2921-1.5499 1.4922-1.5300-1.4800-2.6600 1.69354 Unleaded *****–***** *****–***** *****–***** *****–***** *****–***** ***** ULSD 1.5300-1.53304 CBOB Unl 1.3460 1. www.6371 1.5821 1.49700 RBOB Unl 1.301.4150 1.5693 1.4929-1.66150 CARBOB .6100 1.5700-1.2749-1.42102 61ULSD 1.5800 1. Carbon Credit per Gallon Diesel: $/gal. Issue 38 Ethanol & Gasoline Component Spot Market Prices (prices in U.5450-1.4000 1.4175 1.Ethanol & Biodiesel Information Service September 21.5550-1.5600-1.5039-1. 09/15 Wed.7250 1.2779-1.5860 1.5800 1. Avg.00540 0. this represents the daily traded price range or range of bids and offers on carbon credits generated for compliance under California’s Low Carbon Fuel Standard program implemented by the California Air Resources Board.3811 1. including surveying buyers and sellers via phone/e-mail.00520-0.5900 1.6550 1.00550 0.000-65.40000 Tampa Ethanol Fri.3900-1. 09/15 Wed.6421 1.37344 CBOB Pre 1.0049-2.0090-0. Typically prices are for small quantities that marketers pull to blend into gasoline to create and deliver ethanol-blended gasoline to accounts.4110-1. 09/11 Mon. Avg.6500-1. 1. Ethanol 1.0084-0.2849 1.3500-2. though others may be used for assessment purposes. Bulk Truck Spot Prices (Rack): These are the prices for truck quantities of pure ethanol at storage points in the given market.5600-1.5650-1. 09/14 Tues.4210 1.6550 1.3000-2.7793 1. 09/11 Mon. 1.4050 1.6000 1.0821 2.000 64.00510-0.4289-1.5600-1.5929 1. it in no way guarantees either the accuracy or timeliness of any of the data included herein.5700 2.0129-2.6300 1. 09/14 Tues.4249-1.6000 2. 09/17 Wkly.4525-1.6800-1.3650-1.26804 RBOB Pre 1. 09/11 Mon.4127-1.4760 1. until the last month of the year when deals for the following year may also be considered.5900 1. 09/14 Tues.5900-1.3711-1.0082-0.3771 1.5800 1.6321-1.) Gulf Coast Fri. 09/17 Wkly.5125-1.5700 2. Carbon Credit per Gallon Gasoline: $/gal) Carb Credit CI Pts Fri.000 63.1918 1. and receiving postings electronically from producers and purchasers. Ethanol 1.6400 2.5700-1.6400-1. 09/16 Thurs.00530 0.0087 0.4299 1.5950-1.2179-1.6400-1.4199-1.0083-0.3915-1.4600 1.5649-1.5800 1.25929 Unleaded 1.5279 1.1010-2.5829-1.3371-1.5700-1.4000 1.000-65.5900 1.00510-0.3174-1.5225 1. 09/16 Thurs. 09/16 Thurs.0096 0.2279-1.5800 1.5600-1.6200 1.6350-1.66150 Dallas Ethanol San Francisco Ethanol Pacific Northwest Ethanol Fri.6200-1.4200-1.1110 2. Avg.3210 1.3000-2.2919 1. Block Term Contract Values: These are the three-to-six month contract deals between large buyers and sellers of pure ethanol. typically 50. Those formulae are tracked and reported by market each week in the “Formula”column and calculated (based on the closing Thursday price of the gasoline benchmark) to arrive at a “Formula Calculated” price. 62.4300-2.5022 1.6700-1.5600 1.9993-2. Other deals are done based on a differential to certain gasoline benchmarks (usually conventional spot unleaded). 1.6750 1.6500-1.00530 0.4600 1.6600-1. All deals (“Fixed” and “Formula”) are reported from a weighted average survey.6000-1. 1. gasoline and biodiesel prices from many means.6800 1. 09/11 Mon.6400 1.8349-1. dollars per metric ton of carbon dioxide (CO2). 09/17 Wkly.000 bbl or more available 5-30 days from the date of publication. 09/14 Tues. While OPIS makes best efforts to ensure the accuracy and timeliness of its prices.6800 2. Low Carbon Fuel Standard Carbon Credit: $/MT. 09/14 Tues.6300 2.4349 1.6650-1.6000 1.0721-2.3915-1.00942 Methodology and Definitions: OPIS derives ethanol.3643 1.00540 0. The assessment generally reflects price at the Santos export terminal.4725 1.6400-1.4289-1. Low Carbon Fuel Standard Credits: Traded in U.5829 1.6385 1. 09/11 Mon.7693-1. 09/16 Thurs.3171 1.4127-1. Definitions are as follows: Ethanol Spot Price (Bulk Barge/Rail): These are large quantity pure ethanol deals transacted or being discussed in certain FOB markets.5800 1.5929 1. Avg.7893-1. These prices are not posted – they are offered to buyers given supply and demand dynamics at prices discovered and published by OPIS.6600-1.4625-1.0095 0.8449 1. 09/14 Tues.4075-1.5300-1.2599 1.005270 CC Dsl 0.04304 ULSD 1.4625-1.3960-1.52000 RBOB Unl 1.3071-1. 09/15 Wed.5900 1.4675 1.6500 2.0087 0. 09/14 Tues.S.1868-1.8649 1.6600 1. 09/17 Wkly. 09/11 Mon.00520-0.5399-1. 09/16 Thurs.4568 1.0084-0.55600 Fri.0099 0.4100-1.1818-1.60050 Ethanol FWD 1.5760-1.000 64.3610-1.5700-1.5139 1.6700 1.2549-1.3750 1.000-66.5829-1.2629 1.4525-1.3693 1.6900 1.6800 1. Typically prices are for small quantities that marketers pull to blend into gasoline to create and deliver ethanol-blended gasoline to accounts.000 64.5600 1.8549-1. Avg.30724 ULSD 1. 09/16 Thurs.6200 1.000-66.6600-1.5729-1. 09/16 Thurs.6385 1.7993 1.00853 CC Gas 0. FOB Brazil terminals for export.4250 1.6710 1.6450 1.6500 2.6900 1. 09/17 Wkly.6400-1.49242 Los Angeles Fri. Trading is for credits transferable in the current calendar year.3260 1. Splash Blend Rack Prices: These are the average of the Thursday closing price that producers and resellers are posting at various rack locations.3110-1. 09/15 Wed.4489-1.7000 1. 09/17 Wkly.0093-0.0084-0. 09/16 Thurs.S $/gal.6100 1.60304 CARBOB .4222 1.6650-1.3249 1.5593-1.3046 1. 09/11 Mon.2479 1. 09/17 Wkly.3471 1.6000 1.42102 New York Fri.0086 0.2468-1.0093-0. and those deals are reported in the “Fixed” column. 09/15 Wed. 09/11 Mon.4660-1.5800 1.3900 1.4400-2.44776 Nebraska (fob Railcar) Ethanol Fri.00520-0.4589 1. 09/15 Wed.0229 2. 09/15 Wed. Some are done as fixed.000-68.7000 0.5749 1.6271-1.4468-1.5500-1. Avg. Ethanol 1.6700-1.6000-1.4222 1.0090 0.3700-1. Carbon Intensity Pts: $/CI.6200-1.6700 1.5800 1.6700-1.2645 2 .3543-1.64200 Calif.57500 B100 SME 2.3960-1.68300 Fri.P 2.6271-1.5800 1.6400 1.57450 B100 SME 2.3671-1.5600 2. 09/15 Wed.6100 1.0149 1.6285-1.opisnet.5950-1.6610-1. 1.4964 1.com | 888.4800-2.3179-1.3319 1.6300 1. 09/17 Wkly.6900 1.6000-1. 09/15 Wed. 09/17 Wkly.R 1. Brazil Ethanol: Undenatured anhydrous ethanol cargoes.3100-2.59650 ITT ETH 1.5721-1.4414 1.36894 RBOB Pre 1.6285-1. Avg.0092-0.4414 1.7000 2.000 64.6000-1. 09/14 Tues.7150 1.4200 1.4864-1.5400-1. 2015 • Volume 12.0093-0.0086 0. 09/11 Mon.5900-1.3593-1.3900-2.6371 1.6200 1.3219-1.

00 N/A N/A Sioux City.Ethanol & Biodiesel Information Service September 21.00 180. according to EIA figures. NE 147.32 155.75 Sioux Falls. At 961.50 N/A Los Angeles.00 155. CA (90.75 NYMEX RBOB Unl -30 107.000 b/d from the week before and climbed 1.S.75 N/A N/A Chicago.5 108.00 NYMEX RBOB Unl -29. IN 154. or 2% in the last week to 878.68/gal moved 4-5cts firmer on the week. at 872.671 million b/d. TX 159. Ethanol values also seemed to shake off the volatile swings in gasoline trading as NYMEX futures started last week with steep losses before crawling back into midweek.25 NYMEX RBOB Unl -25 112. while New York Harbor blenders looked at spot gasoline that underpriced ethanol by 23cts or so. the agency has supply off 3.60 157.00 San Francisco. However. a 1. However. CT 163.7% of all output. KS 146.50 219.opisnet.1) 168.00 N/A New Haven.00 170.00 146.45 St. MO 155. ethanol output added 3.7% loss that left it at a 23-week-low. with EIA showing a 352. IA 145. respectively.S.00 158.2% week to week. AZ 165.4% over the last couple of weeks.75 154.00 166. accounting for 90.00 158. California Bay Area rail cars last trading prompt at around $1.00 161.10 163. Gulf Coast markets had cash ethanol values running 20cts or more over spot CBOB.11 164. and it is down more than 5.43 Topeka. according to EIA figures.50 N/A N/A Decatur.00 153. 15 represents the metaphorical start for the availability of much of the country’s E15 motor fuel.301. 5.50 NYMEX RBOB Unl -38 99.98 Madison.com E15 blending advantage stumbles into autumn Sept.00 N/A Doniphan.50 171.000 bbl.00 N/A N/A Minneapolis.50 Denver.Block Term Q2-Q3 Contract Values -------Bulk Truck Fixed Formula (Bulk Barge/Rail) Formula (calculated) Spot Prices (rack) Splash Blend Splash Blend Rack Price Producer Prices City.291 million bbl. SD 146.60 158. Ethanol production rates remain a mild surprise to some who anticipated tight margins.00 N/A N/A N/A N/A 240.5 110. Reports of ethanol loadings out of Brazil mostly aimed at U. MN 148. IL 150. That is the lowest ethanol input level reported since May.com | 888.00 159. CO 157. conventional gasoline blending with ethanol dropped 95. Issue 38 advantage.50 160. but some marketers have been in no rush to move back to the In Key Markets Ethanol Buying Prices City.00 N/A N/A Cleveland.5 111.37 168. against 2014 stores. NY 155. ND 145.7% in the last two weeks. OH 154.50 156. IL 149. but not as much as Chicago.00 Louisville. KS 146. Overall gasoline demand also eased under 9 million b/d for the first time since summer began.00 168.53 156. Stocks also ran 2. versus near-term spot ethanol. IL 154.10 145.86 Peoria/Pekin.00 155.50 NYMEX RBOB Unl -27.00 N/A N/A N/A 156.4% and 5.50 N/A N/A Pacific Northwest 168. ethanol imports for the second week in a row.7% and currently standing at its lowest level since December.00 158. Spencer Kelly.05 Fargo. Small builds showed in some regions.1) 168.00 185.60 173.50 158. The first post-Labor Day report from EIA had net blender inputs of ethanol sliding back for the second week in a row. IA 147. Midwest plants did keep production steady week to week. to 18.000 draw for the week.4%. down 3. East Coast ethanol stocks are also well behind the same time last year – down 11.50 231 169 www. NY 159. Ethanol prices continued to hold up even as corn markets weathered several losing sessions in a row.50 166. New York Harbor barges that remained around $1.000 b/d. but large draws out of Midwest and Gulf Coast ethanol storage.90 N/A Houston.00 N/A N/A Kansas City.00 150. or about 818.79 164.10 N/A N/A N/A Des Moines. There is also the drag of demand damage that is widely anticipated as Labor Day and summer driving retreat into the rearview mirror.000 b/d.50 N/A N/A Phoenix. sank supply nationally.38 N/A Omaha. while on the West Coast.93 155.000 b/d. KY 153.56 Wichita.98 New York.7% behind what EIA reported for inventory during the same week last year.00 158.20 156.37 163.61 168. State Ethanol Truck & Spot Prices Ethanol Spot Price -------.00 169. Over the last two weeks.50 169. 2015 • Volume 12.79 Indianapolis. markets have yet to show up in weekly EIA reports. which counted virtually no U.00 NYMEX RBOB Unl -40 97.59 156.60/gal for September represented an increase of 4cts or so week to week. At the same time. Louis.25 NYMEX RBOB Unl -26. KS 147.25 NYMEX RBOB Unl -25 112. NE 145. taking them down 18. skelly@opisnet.2645 3 .10 N/A 180.50 N/A N/A N/A 152. State Spot Prices (Rack) Rack Price Producer Prices Albany.000 b/d. ethanol inventory netted lower for a second consecutive week. and recent summer heat might quell output. and it is also off 4. CA (90. WI 151.5% over the last two weeks.000 b/d week to week.00 158.60 164. Spot prices still gained elsewhere as well last week.60 173.

Ala. procuring RINs necessary to fulfill obligations as more gasoline moves onshore from foreign refineries. but buyers say they can purchase Chicago CBOB for about $1. sources September 21. www. is interested in building a railroad spur on property it owns near Macon. EPA that also showed corn ethanol in August slipping back for the second straight month. or CBOB.. Ga. with ethanol valued at $1. Oil began providing biodiesel at Epic’s Macon.. The 85%/15% linear blend yielded a value of $1. kadler@opisnet. on Oct.509/gal for E15 blend and $1. Renewable Identification Numbers for ethanol were pegged around 75cts at the time. 14. 15. What’s worrisome for pro-E15 marketers is the forward market. tkloza@opisnet. and it needs partial rezoning of one of two property parcels it owns.56/gal. facilities.25cts/gal. for example.20/gal late this year. when Epic Midstream asked to defer consideration until the Zoning Commission’s next meeting. Some cargo importers moved into the market.526/gal for E10). “We’re disappointed by the opposition and the delays. and advantages disappear as one moves away from ethanol hubs. If RINs were to drop a few more pennies.80/gal for conventional blendstock.25cts/RIN at the latest look. Ga. #2 fuel oil. Bremen. the bottom line price for E15 could be reduced by an additional 11. And with D6 ethanol RINs now pegged at about 30cts. Epic Midstream CEO David Vattimo told OPIS recently. In addition.52/gal.. “We want to construct a loop track unit train facility for a customer.77/gal. Epic Midstream customer U. However. Trading prices recovered to 32.com Georgia Terminal Operator Eyes Ethanol Storage Epic Midstream.556/gal. N. or just a fraction below the E10 value of $1. 12. from which ethanol could be pumped from tank cars and stored at Epic Midstream’s Macon tank farm. For example.75cts/gal ($1.554/gal. the spring magic for these formulae came by way of high RINs values. recent values for Chicago CBOB were around $1.” Vattimo told OPIS. and Montgomery. according to monthly tracking numbers reported by the U. There are about 15 houses across the street from our proposed project.301. transmix and biodiesel. 2015 • Volume 12.2645 4 . Trading in the fourth quarter of 2015 is fairly thin. Chicago marketers in late April. If RINs stay around 30cts.” The track would connect with Norfolk Southern’s rail line. With the summer ozone season recently coming to an end.com EPA: Biofuel output eases in August Biodiesel production in the U. Ga. to $1. But unexpected community opposition has led to delays in votes by the Macon-Bibb County Planning & Zoning Commission – most recently on Sept. and a pipeline terminal in Alamogordo. Issue 38 noted. A sharp decline in D6 RINs. and installing ethanol tankage at its current Macon facility. together with stubbornly high prices of ethanol relative to gasoline. removed much of the advantage that E15 held last spring. Epic Midstream also stores ethanol for customers at a few terminals. which store and distribute jet fuel and jet fuel additives. Blending 85% CBOB and 15% ethanol at the time yielded a linear cost of $1. even though we were not the owner or involved in the spill or the cleanup. That still left current-year D6 RINs trading about 18% cheaper than they did a month ago. the difference between the net cost of E10 and E15 was less than 1. took a breather for the first time in six months. The period under which E15 cannot be sold to non-flexible fuel vehicles in some parts of the country is from June 1 to Sept. but they were able to procure ethanol for about $1. the E10 price could actually fall below the cost of the E15.com | 888.M. At Macon.Ethanol & Biodiesel Information Service blend that can only be legally sold in many states when RVP restrictions have eased. Kevin Adler. and it’s a sensitive issue. Epic Midstream proposed the project about six months ago. In total. the calculus results in less than 0. and thanks to the generation of those RINs. The restriction is in place because E15 blends do not receive the same 1-psi Reid Vapor Pressure volatility waiver that is granted to E10. Vattimo said he believes the opposition to the storage and rail facility stems from a pipeline spill in the 1980s incurred by a previous owner. ULSD.” he said. Epic Midstream has four pipeline service terminals in Georgia and Alabama.6575/gal.25cts/gal difference in the net rack prices for both products.60/gal. or about a penny below E10. a marine service terminal in Savannah. more stations in more places will have the option to offer E15 blends. Economics are still favorable for E15 in Midwestern markets close to ethanol plants. a Houston-based owner of fuel storage terminals. the latest on D6 RIN prices had values for the 2015 vintage apparently edging back up from sub-30cts/ RIN lows traded earlier last week.. Epic Midstream has 14 tanks.opisnet. since New York gasoline markets appear balanced and not facing great selling pressure on any of the autumn fuel grades. paid about $1.S. It would not be Epic Midstream’s first experience with biofuels.47/gal for ethanol. “Remediation had to be done. Attribution to importer needs may be off-target. with offers backing up to 33cts/RIN. That worked out to a wholesale price advantage of nearly a nickel for retailers intrepid enough to offer E15 to their customers. In 2014. versus values of $1.S.S. its 77 tanks have more than 2 million bbl of shell capacity. ahead of the low-RVP season. Tom Kloza. but the edge is minimal.

124 184.080 177.795 Ethanol Spot Ethanol Rack w/ RIN Ethanol Blended Rack Gasoline (10%) E-85 Racks E-85 Retail (w/ tax) Rockies 159. about 156 million gal last month.com | 888.190 --.016 158.67 million gal.577 303.914 B100 w/ RIN B20 w/ ULSD B15 w/ ULSD B10 w/ ULSD B5 w/ ULSD B2 w/ ULSD 316.380 Midwest Ethanol Spot Ethanol Rack w/ RIN Ethanol Blended Rack Gasoline (10%) E-85 Racks E-85 Retail (w/ tax) 148. and the latest figures halted a string of month-to-month increases for domestic biodiesel production that stretched back to March.98% from July.983 B100 w/ RIN B20 w/ ULSD B15 w/ ULSD B10 w/ ULSD B5 w/ ULSD B2 w/ ULSD 426.030 150.175 170.010 --.-- 166.128 160.080 --.675 162.460 194. which is some National Renewable Fuels Averages Ethanol Spot Ethanol Rack w/ RIN Ethanol Blended Rack Gasoline (10%) E-85 Racks 153.489 174.909 166.500 173.688 181.02 million gal during August retreated 3.559 --. 2015 • Volume 12.546 163.455 162.180 E-85 Retail (w/ tax) West Coast Ethanol Spot Ethanol Rack w/ RIN Ethanol Blended Rack Gasoline (10%) E-85 Racks 167.188 B100 w/ RIN B20 w/ ULSD B15 w/ ULSD B10 w/ ULSD B5 w/ ULSD B2 w/ ULSD 336.829 E-85 Retail (w/ tax) 211. according to data accumulated and recently released from EPA’s Moderated Transaction System (EMTS).319 180.750 --.400 B100 w/ RIN B20 w/ ULSD B15 w/ ULSD B10 w/ ULSD B5 w/ ULSD B2 w/ ULSD --.Ethanol & Biodiesel Information Service September 21.-- 191.063 194.000 148.301.2645 5 .000 175.750 --.-- 156.311 184.951 155.-- 165.935 175.585 173. down almost 7.000 173.-- 165.023 B100 w/ RIN B20 w/ ULSD B15 w/ ULSD B10 w/ ULSD B5 w/ ULSD B2 w/ ULSD 287.203 161.631 Ethanol Spot Ethanol Rack w/ RIN Ethanol Blended Rack Gasoline (10%) E-85 Racks E-85 Retail (w/ tax) 159.842 B100 w/ RIN B20 w/ ULSD B15 w/ ULSD B10 w/ ULSD B5 w/ ULSD B2 w/ ULSD 299.opisnet.775 176.393 148.-- 169. Most of the figure that comes from EPA’s D4 biomassbased diesel credits represents traditional biodiesel production. Issue 38 Biomass-based diesel production at nearly 185.000 188.375 180.500 --.431 154.-- 160.-- 154.750 174.210 157.100 E-85 Retail (w/ tax) 217.950 www.000 --.075 159.608 160.500 155. The system tracks Renewable Identification Number (RIN) credit generation for compliance under the federal Renewable Fuels Standard.837 B100 w/ RIN B20 w/ ULSD B15 w/ ULSD B10 w/ ULSD B5 w/ ULSD B2 w/ ULSD 309.764 Key Renewable Fuels Regional Averages Northeast Ethanol Spot Ethanol Rack w/ RIN Ethanol Blended Rack Gasoline (10%) E-85 Racks 159.042 153.085 225.000 206.176 Ethanol Spot Ethanol Rack w/ RIN Ethanol Blended Rack Gasoline (10%) E-85 Racks E-85 Retail (w/ tax) Southeast Gulf Coast 159.551 162.356 166.369 197.127 168.139 177.300 204.-- 151.

The year-on-year gain was almost as gaudy for the D5 category.01 7. biodiesel plants to average 92. Fla. Dyadic is a global biotechnology company with a focus on developing.45% Green Earth Technologies GETG ó 0. A year ago.739.6% more than they collectively averaged last year.01 138.17% Codexis CDXS ñ 3. when the biofuel first came on the scene in a significant way after EPA expanded the definition of cellulosic biofuel for D3 RIN generation to include products such as renewable clean natural gas and renewable liquefied natural gas.23 10.000 b/d this year. OPIS removed Aventine from the weekly stock chart and replaced Aventine with Dyadic International Inc.777 million gal.15% DJIA DJI ñ 16.96 3.303 gal in August are well over the 5.29% GEVO GEVO ñ 2.65 $1.Ethanol & Biodiesel Information Service 6% off of July estimates.95 16. renewable diesel represented about 15.74% Amyris AMRS ñ 1.02 $0. the categories of RIN-producing fuels output indicated a total of nearly 1. EIA forecasters recently said they now expect U.79 1. the number for D6 grain-based RIN generation over August indicated ethanol output at nearly 1.26 20. and wheat straw into fermentable sugars and through our continued research efforts we expect to continue developing even better performing CMAX enzymes at lower manufacturing costs. That’s actually 9.05 5.79% from July and the second slip in a row suggested by EPA’s monthly data.22 $0.60 $0.06 2.19% Pacific Ethanol PEIX ò 7. EPA also showed ethanol output sliding back in August..17 5.78 3.45 billion gal during August.68% Aemetis AMTX ñ 3. the first adjustment in its data yet this year.18 -2.25% Valero Energy VLO ò 60.opisnet.00% Bluefire Ethanol Fuels BFRE ñ 0.00% Green Plains GPRE ñ 21.com | 888.66 3.com September 21.79 Archer Daniels Midland ADM ñ 44.90 $0.02 0.3% gain over the last two months.48 0. The volume of fuel linked to D5 advanced biofuel RINs also climbed month to month. Located in Jupiter. The 53. The August EPA figures come on the heels of other government estimates pointing to more biodiesel production this year. shooting up almost 238% from July to more than 14.98% climb from July and a 10.10% Bunge BG ñ 71. 2015 • Volume 12. FF ñ 10.20 0. as well.03 0.50 $0. with August D3 RIN numbers suggesting nearly 13.09% Cosan CZZ ñ 3.87% more than the agency reported for the same time last year.23 2.20% GreenHunter Resources GRH ò 0. the output of cellulosic diesel under EPA’s D7 RIN code did make a showing – lightly – for only the second time this year and after a couple months of virtually nothing showing on the EPA ledger.00% Dyadic International DYAI ñ 0.76 $0.S. For August.” Weekly Biofuels Stock Performance Company Symbol 9/17/15 9/10/15 change % change Abengoa ABGB ò 5.70% 2.05 -9.61 -4.4% ahead of where it was estimated for July.98 -2.30 62. Spencer Kelly.95 0. which would be 13. skelly@opisnet. In total. manufacturing and selling enzymes and other proteins for use in the bioenergy.47 2. and next year. In addition.03 1.67 70.96 -$0. the CMAX product line.74% ahead.61 19.54 34. and that is 1.06 $1.01 0.40 -4. according to EPA.88 $0.43% Novozymes NVZMY ò 43.81 -$0.55 2.83 44.75 $0. The latest monthly forecast for biodiesel production from soy indicated the agency boosted its outlook for the 2015-2016 crop marketing year by almost 2%.40 $409.95 $0.09 $0. according to estimates from the National Biodiesel Board.16 -2.01 0. Issue 38 Stock Market Movers: Company profile: Dyadic International With Pacific Ethanol’s completed merger with Aventine Renewable Energy Holdings on July 1. “[o]ur current product offering. and that is down 1. but would also indicate 6. August output D3-linked cellulosic biofuel is nearly four times what it was the same time last year.46 3.237 billion gal.87% Solazyme SZYM ñ 3.19 20.532 gal reported a year ago.301.TO ñ 1.61 50.13 2. The rise of cellulosic biofuel under EPA accounting continued for the fifth month in a row.20 $1.19 43.7% of the D4 total. so the yearon-year comparison still has 2015 running 2.5% versus the 2014 month.2645 6 . industrial enzymes an biopharmaceutical industries.25% behind the July total. or 29 million gal. biochemical. along with the C1-based enzymes developed by our licensee Abengoa.29 $0.50% Renewable Energy Group REGI ò 8.51% www. for a 5.45 -$0.28 8.19 -$0.62% BIOX Corporation BX. but a smaller portion also comes from renewable diesel output.80 5.70 3.91 -$2. Compared to EPA figures from the same month last year.56% FutureFuel Corp. are recognized for their excellent performance characteristics at converting natural fibers (biomass) such as corn stover.18 6. biomass-based diesel production for August is up 27.330. Meantime.53 -$0.27% Andersons ANDE ñ 35.00 $0.14 0.73% REX American Resources REX ñ 52.00 0. According to the company’s latest financial results from the second quarter.05 8.339 million gal. Meantime.

– EPA is committed to growing the U. EPA Administrator Gina McCarthy told attendees here last week at Growth Energy’s sixth annual Advocacy Conference. but secondly. The agency is expected to finalize the RFS targets by Nov.Ethanol & Biodiesel Information Service In October.. Pacific Ethanol announced that it planned to acquire Aventine Renewable Energy and its several Midwestern ethanol plants for about $190 million in stock. yet achievable growth. Dyadic reported in its financial earnings review that the operation at the facility has been delayed.[O]ur industry is . your administration re-proposed to insert a loophole into the RFS .. that would allow oil companies to avoid their obligations under the law. The proposed merger was approved by both companies’ shareholders on June 11.com | 888.. Abengoa began operating a 25 million gal/yr advanced biofuels plant in Hurgoton. that generated the licensing payment. but will do so in a way that is legally defensible in court. there’s no reason why I wouldn’t want to. As of the July 1 acquisition.2645 7 . As part of EPA’s 2014-2016 Renewable Fuel Standard (RFS2) proposal. Dyadic sells more than 55 liquid and dry enzyme products to over 150 industry customers in approximately 50 countries. [issue RFS targets] in a way I think will pass muster because the last thing I want is to give you what you want and we fall flat when we get to the courts. one audience member asked McCarthy to rationalize why the EPA proposed to lower the September 21. On Dec. 17. “I am readily saying my job is to reach those levels. “We’re still in the position of looking at the [RFS proposal] comments and understanding where we missed the boat. issued on May 29. “The biofuel industry is the great American success story. developed under Abengoa’s license agreement with Dyadic. the point of the RFS was to require oil companies to buy and sell an increasing amount of renewable fuel to address the fact that the oil industry would otherwise use its market position to cut off market access for competitors and thereby smother investment in cellulosic ethanol and advanced biofuels that have the lowest carbon footprint in the world. Zero win. The RFS “wasn’t a rule that had congressional history attached to it. Pacific Ethanol owns and operates eight ethanol production facilities that have a combined annual production capacity of 515 million gal. D.. “We are working hard to make sure we are moving towards the [RFS] levels intended” by Congress..” “We have had lots of back and forths of what it means or doesn’t mean. Molly M.” wrote the advanced biofuel executives in a letter sent last week to Obama.. White. The RFS “is a very difficult statute for us to get our head around when you have as big a leap in production as Congress intended. The question I have is.” McCarthy continued. specifically focusing on the conventional biofuel carve out.” she added. their companies will “be forced to look overseas where renewable fuel policies are more stable. “The EPA proposal has to continue to build on that success and spur on ambitious. at the rate that Congress thought it would.301. but not in the remainder of 2015. Kan.. I think. biofuels industry. Dyadic announced the receipt of a $500.” Advanced biofuel groups urge Obama to finalize strong RFS Nearly dozen advanced biofuel executives are urging President Obama to help reverse the proposed cuts in the Renewable Fuel Standard (RFS2).” “. noting that the U. dealing with the reality that on May 29.. 31. “Cellulosic just didn’t progress. but to respond to changes in the world.” McCarthy continued. she added. Issue 38 RFS targets.” said McCarthy in her remarks. “Can I be blunt? We have been using the cellulosic waiver [authority] for a while. mmwhite@opisnet.000 licensing payment from Abengoa Bioenergy for commercial scale production of Abengoa’s proprietary cellulose enzymes. “As you know..” she said. 10.” she said.C. “I have to ... The company expects to receive royalties from the facility. 30. as being a reasonable interpretation of that law. www. 2015 • Volume 12. up a nickel compared to closing at 90cts/share on Sept.S. warning that otherwise. the agency aims to scale back conventional biofuel targets to account for concern surrounding the ethanol blend wall while calling for a greater amount of second-generation biofuels. “There have been various attempts by EPA when we go to court [on the RFS] to try to bring some larger picture policy issues to the table when we make our decisions that have fallen very flat on the courts.opisnet.” she said.com Inside Washington: EPA administrator: RFS targets have to ‘pass muster’ in likely court battle Washington. 2014.S. and it is widely expected that the rule will end up in litigation. First.. At market close on Sept. My job is not just to respond to what Congress says. how do I do this in a way that the courts will actually see the same as I do. noting that the RFS targets also had to account for the ebbs and flows of how much gasoline was being produced. is the largest producer and consumer of biofuels in the world.” McCarthy responded. Dyadic stock was 95cts/share. it is my job to. After her prepared remarks.” she said. when the industry is producing above capacity. so the only thing we had to look at was the four corners of the language in the statute.

684 29.500 214.800 6.291 18.A.2645 8 . 2015 • Volume 12.672 PADD 2 Inventories 48. EPA is proposing to change the rules in the middle of the game to allow challenges related to the ‘distribution’ of renewable fuel by oil companies . Parts of the oil industry refused to do so starting in 2013.800 PADD 5 Inventories 28. operated as a joint venture with Husky Energy. upends the system and sends the market signal that the RFS volumes can be lowered if the oil industry simply drags its heels.400 27.18/gal.” the letter continued..956 PADD 4 321 308 311 PADD 5 1.004 www.266 PADD 5 583 595 495 Total Inventories 18.169 PADD 3 Inventories 3.” the letter noted. under pressure from the oil industry. Chicago gasoline actually soared for a time because of growing concerns over the adequacy of prompt supply in the region. No marketbased system can survive if regulators are willing to overhaul the system to reward intransigence among obligated parties.758 Total Production 29.574 Total Production 9.052 PADD 3 Inventories 73. Market sources reported early last week that BP shut down the largest of two coker units at its 160. The October market is holding some strength over September as refinery turnarounds and import levels are expected to drop next month.64cts more than weekago deals. “Mr. the differential tightened considerably – the cash discount being half what it was a week ago.S.A. on trading 5.343 6. Gulf Coast spot CBOB by Thursday fetched $1.opisnet.733 PADD 4 433 472 436 PADD 5 Inventories 2.325 6.059 1. During the early part of the last week. President. for the first time in RFS history.289 PADD 3 2. currently in a contango state.3185/gal outright.600 73.959 3. transitioned to fall-season fuel. Issue 38 In Key Commodity Markets: And yet.678 1. and that is 3.107 5.546 3.000-b/d refinery in Toledo.364 PADD 4 Inventories 6.352 2.901 6. we will continue to be forced to look overseas where renewable fuel policies are more stable. West Coast differentials stood. Other than the Gulf Coast.666 27.Ethanol & Biodiesel Information Service September 21.249 2.301.832 9..648 2. If the final rule includes distribution waivers. While our companies will not fail to deploy advanced biofuels.833 PADD 1 753 744 687 PADD 2 Inventories 5.com The broader petroleum markets reached something of a pause over the last week as most bulk gasoline markets in the U.75cts under the Merc. Gulf Coast spot gasoline dropped near the $1. With the CARBOB market in L.000 PADD 2 27. the ramifications of your decision on this issue are substantial for America’s largest renewable energy sector..S.344 2. News of the shutdown.572 2. bouncing off the lowest numbers that transition helped to generate. “EPA’s decision to change its waiver methodology. Ohio. the September market was catching up to October.166 27.com | 888.400 52.300 27.600 207.186 25.139 2. and now they’re being rewarded.607 1. the global market signal will be that your administration is backing away from its support of the most transformative U.873 PADD 2 2.800 57. and San Francisco. Some Gulf Coast refinery issues also helped bolster spot values in the region.440 PADD 1 Inventories 60. Rachel Gantz.708 9. Also.. The point of the RFS was to reward those who made the investments necessary to use more renewable fuel. energy and climate policy on the books today.643 17. rgantz@opisnet. to be cause for waiving the RFS on a yearto-year basis.000 49. and that helped lift the prompt month to a 29cts premium versus the futures market in both L.700 3-Yr Avg Gasoline Production Gasoline Current Last Week 3-Yr Avg PADD 1 2.100 48.900 72. before stabilizing and firming back up in the latter part of the week.533 Total Inventories 217. as well as expectations for weaker Key Supply and Demand Statistics Ethanol Supply Gasoline Supply Ethanol Production Ethanol Current Last Week 3-Yr Avg Gasoline Current Last Week 3-Yr Avg Ethanol Current Prev Mo PADD 1 Inventories 6.362 3. and one that is widely regarded to be the best cellulosic and advanced biofuels policy in the world. Such a provision would gut the core concept behind the law.” In finished markets.600 PADD 3 749 669 576 PADD 4 Inventories 333 321 328 6.

Northeast gas was sometimes much more volatile and mixed over the last week. Refinery maintenance season is an issue for crude. largely driven by inventory additions in the East and West coasts. helped send Chicago spot trading levels skyward earlier in the week.74cts week to week. running over $1.30/gal. Gas markets outside the Northeast looked heavy through last week. retail gasoline is on the cusp of falling below $2. but it could also help stabilize gasoline prices. Autumn is in the offing.000 b/d. gasoline inventories added 2. The broader market. Chicago Citygate gas also looked flat over the last couple of days. with three states in the Southeast currently having average retail prices below $2/gal.5cts over the Merc by Thursday more than tripled the week-ago premium. however.68/ mmbtu Thursday. and at a $1. is likely to look to the Federal Reserve for some direction. Henry Hub spot gas traded flat day-to-day to run $2. www.S. a downturn of 34. Issue 38 production during the upcoming turnaround season. but average U. Spot CBOB trading 17. but it was a response to the immediate demands of weather. The Merc’s RBOB for October also eased Thursday. 11. The decision to hold interest rates flat stems largely from concerns about recent global and financial developments.5% in demand erosion. It is notable that the shift in gasoline RVP from low summer levels to higher winter levels in the New York Harbor helped pull prices lower and moved spot RBOB to a slight discount versus the futures market for prompt barrels. things will change on the street. eventually losing a penny Thursday. with the Fed’s recent decision to leave interest rates unchanged not constituting a surprise to the market. which took average offtake under 9 million b/d for the first time in 14 weeks. with China being a major concern.3760/gal settled price still ran 1.. com.8 million bbl for the week ending Sept.551/gal climbed 10. Chicago RBOB jumped to the most expensive spot gasoline barrel in the country. after picking up some value ahead of the report. In natural gas. Outright Chicago RBOB values climbed 14.69/mmbtu that had spot prices off 2cts week to week in that market. but also removing key uncertainty. according to GasBuddy.2645 9 .S. No surprises from EIA had October natural gas ending off less than a penny Thursday. Spot Unleaded and “BOBs” in Key Markets New York Chicago Los Angeles Note: OPIS Refined Spots and Ethanol averages are based on full-day prompt assessments for each market. but volumes did perk up. which led to a loss of 3cts over the last week. and there are a couple more knocking on the door.com | 888.652/mmbtu.. down 61pts. 2015 • Volume 12. it also followed up a big loss the previous week that together amounted to 5. October NYMEX contracts settled down 80pts for the Thursday session. The government reported U. and by Thursday a lot of the trading came before the EIA storage report. hitting 217. The direction of the market was not necessarily obvious after the announcement. NYMEX crude for front-month October eased 25cts Thursday and at $46.90/bbl picked up only 98cts week to week.Ethanol & Biodiesel Information Service September 21.opisnet. and an asexpected weekly stock build did not do much to change the basic trajectory of the market.301. If these wholesale prices continue to firm. In fact.79/gal outright on premiums that topped 41cts against the Merc.74cts in the week-to-week comparison. and at $2.S.38% week-to-week. and outright values at $1. dollar should at least get some short-term pressure and so keep oil markets somewhat stable. The thinking is that the U. and that Ethanol vs.76cts lower against the week-ago settle. and that will bring the so-called “shoulder season” of lower demand for natural gas before winter heating needs start to kick in. While overall gasoline demand implied by weekly EIA numbers slipped only 0. at $2. The modest downturn came after gasoline prices on the Merc popped nearly a nickel higher in the wake of the weekly supply report from EIA. also came with demand indications that not unexpectedly dropped for the second consecutive week.4 million bbl – around 7 million bbl higher than stocks at about the same week last year. That stock build.

” said EIA.8677/mmbtu at Thursday’s settle.76/mmbtu. Kansas City No. but the $3. 2015 • Volume 12. added EIA. “The estimated average unit value of the natural gas put into storage from April 3 to September 11 this year is $2. Paper prices did recover from their largest drop in the wake of a EIA report that showed natural gas stockpiles adding 73 bcf over the week before to put inventory 16% ahead of the same time last year and 4% over the five-year average.5cts more than a week ago. interest rates unchanged. EIA also noted an easing in production week to week.5975-$3.6275/bu. Profits for any given biodiesel plant could be higher or lower. CBOT corn for March also shed 6. Profits for any given ethanol plant could be higher or lower.6175-$3. Weather in the Corn Belt has also been mostly supportive for the crop as harvest gets underway. EIA noted that the average cost of gas going into storage since April is much less than over the same period last year. given that some market sources expected a bit of erosion in the estimates. 2 yellow corn talks ran at $3. The NYMEX six-month futures contract strip averaged nearly $2. just as it has for three weeks running now.9 bcf/day. Issue 38 At the start of the week. *Dry Milling margin calculated from cash feedstock and product sales values for wet and dry-mill plants and are an estimate of the industry trend under current market conditions.. nosing up more than 3. more pressure is expected to come to spot corn markets. the USDA reported that corn conditions were actually a bit better than some might have expected..opisnet.2645 10 . and that is up from 20% the week before and 25% last year. but ahead of 4% reported a year ago.25cts Thursday to settle at $3.9275/bu. Supply was indicated 1.25cts on the CBOT futures board Thursday.77cts at the time. corn appeared to disappoint later in the week.S.91/bu.” September 21.4% lower week to week. By the end of the previous week. As the harvest starts to gear up. consumption decreased by 5% overall. in a midweek report. the harvest was only 5% complete. and other commodity moves. In corn markets.S.7975/bu settle still ran 5. Shipments for corn through the first couple of weeks of the marketing year that began with September are down 24% compared with the same time last year. At the same time.9% higher than the same week last year. “U.5cts more than the contract did a week ago. but that is still 2. A year ago. Plant Profitability Biodiesel Gross Margins for Midwestern Plants ($/gal) Ethanol Gross Margins for Midwestern Plants ($/gal) *Biodiesel production margin calculated from cash feedstock costs and sales values for soy methyl ester biodiesel plants and are estimates of industry trends under current market conditions. were said to be cautious and restrained lately as players mulled the latest decision by the Federal Reserve to leave U. and that is behind the 9% five-year average for this time of year. though it still trails the 40% fiveyear average.com | 888. but consumption also dropped. with places such as Texas and North Carolina the most advanced at this point.Ethanol & Biodiesel Information Service was 6. www.33/mmbtu for the same 24 weeks last year. Corn. Instead the agency reported 68% of the crop in good-to-excellent condition.8% to average 71.301. the agency rated 74% of the crop in either good or excellent shape. 36% lower than the average value of $4.S. yellow truck cash corn ran $3. adding that the downturn included a 15% drop in gas used for power generation during the week. Meantime. Global demand for U. Front-month December corn dropped 6. Corn markets retreated from their post-USDA-forecast rally that they mounted a week ago. and that is also 5. 13. Corn exports sales and shipments are sagging below the pace needed to meet USDA export expectations for the current marketing year. Chicago No.8cts down week to week. down 0. USDA also reported that 35% of the crop is considered mature by Sept.28cts week to week and adding a bit to its premium over Henry Hub cash values at neared 18.

USDA $137.2238 Yellow Grease Illinois $0.opisnet.com | 888..9422 Natural Gasoline Conway In-well $0.Refined Midwest $0.2843/lb $0.4900 $0.9725/gal $0.0200 $9. and that is down 8.4954 Unleaded RFG OPIS National Average $1.3213 $0.4350/RIN $0.USDA $0.4300/lb $0.4450 Corn Oil .2645 11 .2610 Soybean Oil . That had B100 running an average $1.Ethanol & Biodiesel Information Service September 21.3929 $1.worldenergy.3663/gal $1.USDA $0.6400 Cellulosic RINs (Previous Year) OPIS National Average $0.Crude Degummed Central Illinois .8700/bu $3. Blending calculations took a big hit as trading on EPA’s D4 Renewable Identification Number credits sagged lower the last couple of weeks.4900 Biodiesel RINs (Current Year) OPIS National Average $0.2638 Poultry Fat (Low FFA)** Southeastern US $0.4431 Advanced Biofuel RINs (Previous Year) OPIS National Average $0.4500 $0.2604/lb $0. bleached.5906 ULSD OPIS National Average $1. easing 1.0525 $0.2000/lb $0.3143/lb $0.2025 $0.5378/gal $1.25cts in added credit value – up more than 11cts on the gallon from early in the week.3575 $0.2647 Soybean Oil .4853 $1.5797 Ethanol OPIS National Average $1. Issue 38 In biodiesel.8050 $0.Crude Midwest $0. a gallon of RIN-bearing biodiesel could bring with it as much as 68.67cts to average $1.3% week to week.4500/RIN $0.9638 $0.2593/lb $0. Meantime.2250 $0. down 1.50 $66. by World Energy.08/gal on average.2926 $0.0053/CI $0.5cts/RIN.369/ gal by Thursday.5113/lb $0.9925/gal $0.net www.2600/lb $0.5357 RBOB OPIS National Average $1.0054 *refined.3875 $0.2800 Choice White Grease Chicago $0.5498 $1. www.3800 $0.5253 Beef tallow Chicago $0. while on-road petroleum diesel at the rack had a similar slip in value.8125 Corn Kansas City .2864 Canola Oil West Coast $0.9525 Ethanol RINs (Current Year) OPIS National Average $0.7cts on the week.5121/gal $1.00/mt $65. the bounce in D4 credit values could cut that rack premium for B100 back to a little less than $1.0053 $0.2682 $0.5300 $0.2971/lb $0.5000 $144.0000 CA LCFS Carbon Intensity California $0.0538 DDG-S (Distillers Dried Grains w/ Solubles) Eastern Cornbelt .00 Corn Central Illinois $3.3516 Cellulosic RINs (Current Year) OPIS National Average $0.4050/RIN $0.USDA $3.6400/RIN $0.154 $1.2650 $0.2800/lb $0.4606 Biodiesel RINs (Previous Year) OPIS National Average $0.RBD* Central Illinois . At that price.0525/lb $0.1075 Crude Glycerin (80%) FOB Midwest $0.3113 $0.2022 Methanol US Gulf Coast $0.2825 $0. in part.8250 Soy Meal (Hi-Pro)*** Illinois Truck $341.3129 Corn Oil . Palm Olein US/Gulf Coast $0. but by Thursday confirmed deals bounced back up to $45.2585 $0.7250 Soybeans Central Illinois $9.3350 $0.Crude Degummed Central Illinois $0.6400 $0.3568/lb $0. B100 rack prices nationally averaged $3. 2015 • Volume 12.3579 Canola Oil Midwest $0.4252 Natural Gasoline Mt. Avg.8200/gal $0.1700/bu $9.5000/ton $143.4900/RIN $0..2800 $0.4094 CA LCFS Carbon Credit California $65.3200 /RIN $0.6125/bu $3.3950/RIN $0.609/gal.5175/gal $1.3397 Ethanol RINs (Previous Year) OPIS National Average $0. though by presstime RINs started to bounce off their lowest numbers.00/ton $335.4319 Advanced Biofuel RINs (Current Year) OPIS National Average $0.9575 $0. deodorized **free fatty acids ***high protein Data provided.301. Belvieu Non-TET $0. However.3275/RIN $0.00 $342.76 premium to petroleum diesel – virtually flat week to week.2050/lb $0.6025 $3.6900 $3. National Renewable Fuel Feedstock/Co-Product Price Index Feedstock/Co-product Location/Source Spot Price Previous 4-Wk.2937 Soybean Oil .3135 $0.3560 $0. D4 RIN credits for 2015 traded under 40cts/RIN late the previous week and into last week.

and the East Coast is up nearly 40% while the Gulf Coast carries 28. with arbs seen as mostly closed at present. Bid-ask level for physical C5 natural gasoline was last seen at 93. but have seesawed so far in September. moving from $10 lower to $4 higher week to week. and thus making more diesel based on current spot pricing. Chicago ULSD running $1. only the Rockies have ULSD stocks running behind a year ago. Belvieu non-TET spot natural gasoline averaged 97.25cts/gal at midweek.301. Distillate demand as measured by the Energy Information Administration dropped 83. In the news.Ethanol & Biodiesel Information Service In DDGs. Eastern Corn Belt DDGs prices from $125$150 remained flat. California prices running $165-$180 picked up from $5-$7 against the week before. the highest since October 2011.25cts compared with week-ago deals after slipping 42pts on the day.482 million b/d. After a three-week hiatus.opisnet. The outlook for exports might not be as healthy as they have for most of the latter part of summer. In ultra-low-sulfur diesel. expanding the price range to $120-$149. Issue 38 Pipeline (UMTP) project.5497/gal for the day slumped 4. however.. and that was flat to $12 lower from a week ago. October natural gasoline futures traded at 96cts/gal.2645 12 . A report making the rounds late in the week had a China-based broker anticipating 13% drop in China’s imports of DDGs during the current marketing. Kinder Morgan Inc. are already at a multiyear high. Concern over demand for exports did show up on the radar screen late in the week.4 million bbl week to week.1 million bbl represent 20. to potentially back up barrels that might normally flow to Canada from the U.4157/gal outright Thursday and fell 7. while continuing to seek commitments for the proposed Utica Marcellus Texas European Biodiesel Spot Markets Rotterdam FAME ($/gal) Rotterdam RME/Gasoil ($/gal) www. Total distillate inventories hit 154 million bbl for the week. The market for dried distiller grains did not change much. with prompt demand said to be holding flat and prices mixed on the margins.S..S.15cts behind week-ago trading. Regionally. The ultra-low-sulfur diesel segment had stocks swelling nearly 2.076 million b/d. to $165-$170. Mt. The four-week average continues to trail last year. Delivered DDGs prices to the West Coast tended to run firmer over the last week.. In natural gasoline. total distillate production topped 5 million b/d in the latest week’s work of figures from EIA.000 b/d. inventories of the fuel in the U.. including connectivity to a Kinder Morgan dock located along the Houston Ship Channel. The project would transport natural gas liquids and condensate produced from the Utica and Marcellus basins to delivery points along the Texas Gulf Coast. DDGs talks at $135$160 remained steady from a week ago. 15. 2015 • Volume 12. 15 to review shipper comments and interest. At the time. In Kansas. Canadian diluent prices took a hit on Thursday.25-97cts/gal. Refiners are starting to see the better returns on diesel gallons in most cases. said this week that it will extend its current binding open season until Dec.. to 3. and the overall stocks at 132. In Iowa.2% more year on year. FOB values for DDGs ran $120-$130/ton. Nebraska DDGs range widened rapidly last week. Belvieu spot natural gasoline prices climbed since late August. While refiners tilt production toward diesel.7% more than storage tanks held at the same time last year.com | 888. Mt. Gulf Coast ULSD traded $1. Prices in Minnesota ranged from $120 to $140 had the cheapest quotes. The open season was originally scheduled to end Sept. while Pacific Northwest DDGs prices added $5. dropping $5 on the week. Spot market ULSD prices got shaky ahead of the weekend. coming in last week at 5. September 21. and the most recent measurement stands 2.. with thin trading witnessed into Thursday.8% below last year.

“Startup has gone like usually in this kind of plants – there are always some hiccups and surprises.73 $2. Luckily.” Pitkänen noted. It has a capacity four times those processing the same feedstock in Finland. www. • Logistics.301. The Gothenburg project is the first in which an ethanol production plant has been integrated at an existing oil refinery to produce waste. NEOT.” Pitkänen added. There is an integrated dehydration unit to directly produce fuel-grade anhydrous ethanol. It will yield savings in the use of residual heat and synergies in product distribution. our customers and partners have welcomed us. but the Gothenburg facility differs from the other installations in a few respects. head of business development and sales at St1 Biofuels. Tampa Spot ($/gal) Anhydrous vs. Pitkänen added that installation of the company’s first Cellunolix technology. delivers fuels to about 1.” Pitkänen told EBIS by email last week. 17 close. September 21.500 branded service stations – including ABC.opisnet. Hydrous FOB Santos ($/gal) www. Issue 38 ethanol produced at the Etanolix plant will be almost carbonneutral. has started. Prices are supplied by SCB Renewables. Brazilian and CBI Markets: Rotterdam RME FAME Ethanol T2 $2.com “Thanks to its feedstocks and production technology. It has new enhanced feedstock receiving system.Ethanol & Biodiesel Information Service European.93 $2. The refinery is processing biowaste and process residue from local bakeries and bread into advanced ethanol.53/€2. “We all are learning by doing.” As a final update. losing $59/mt to $748-$768/ mt. Construction at a refinery in Kajaani. 9/17/15 Data provided. in part. there is always a learning period where all parties in the network [need to] form feedstock source separation and logistics systems. “When dealing with waste feedstock. the Brazil and CBI Ethanol Spot Anhydrous Ethanol FOB Santos vs. $/gal. It is being operated by refinery staff. the dehydration unit is a stand-alone operation.and residue-based ethanol on a sustainable basis. Rotterdam gasoil fell by $18/mt. and NEOT is the operator of the unit. Market Update Biodiesel prices were mixed last week. www. to $468/mt on the week ended Sept. said Patrick Pitkänen. PME dropped sharply.. in accord with the original expectations.ch and SCB & Associates. 2015 • Volume 12. The plant has an annual production capacity of 5 million liters (about 1. FAME 0 FOB ARA was off $9/mt to $808-828/mt.starsupply. and us as processor too have to adjust and adapt to the new system.22 Prices in U. Kevin Adler. designed to produce ethanol from sawdust.com European Markets Operations at the first Etanolix® technology outside Finland is going well.2645 13 . NYH. In Finland.S. no major show-stoppers.32 million gal). and commissioning is expected in mid-2016. the owner-operator of the Etanolix unit. kadler@opisnet. The Etanolix unit has been installed at the North European Bio Tech Oy (NEOT) plant in Gothenburg. by Starsupply Renewables. said Pitkänen: • Size. In general.” he continued. St. It just doesn’t happen overnight. RME FOB ARA fell $2/metric ton (mt) to a bid-ask range of $865-$885/mt at the Sept. 1 Biofuels has installed four other Ethanolix units. 17. is going well. SME FOB ARA added $11/mt to a bid-ask range of $828$848/mt. Sweden. which developed the technology. Pitkänen said that full production could be reached during the first few months of 2016.com | 888. Finland. “There are also a number of small enhancements based on our operation experience and product development.starcb. but palm-oil biodiesel (PME) took an outsized loss. St1 and Shell –in Finland. • Integration. Sweden and Norway. and they have been very positive about the new service we can offer in waste processing. • Other.

Brad Addington. Regardless.2645 14 .6 billion for the federal government and R$4.38/liter. consumption of gasoline “C” (gasoline blended with 27% anhydrous ethanol) would drop to 38.000 miles of railroad track that crisscrosses the state through wilderness and urban areas. 14. Without the authority specifically identified in the legislation. or similar. The fiscal package announced Sept. 1 of this year. The bill makes alternative fuels subject to the same.9%. It was estimated that the measure would bring in an additional R$14. Paulo newspaper said Rousseff needed to take drastic step – including additional spending cuts and tax hikes – to address a 2016 budget gap that has cost Brazil its investment-grade rating from Standard & Poor’s.9 billion) in savings. Bill to extend alt fuels regulation in California passes Legislature Rousseff at one point had ordered her ministers to find an additional 15 billion reals ($3. ethanol. governor signs rail freight safety bill into law Legislation calling for adequate crew size for trains and light engines carrying freight throughout the state of California has been signed into law by Gov.9 billion – R$10. In a recent front-page editorial. “Don’t mess with Petrobras.com News of the Week: Some newspapers in Brazil ran headlines warning consumers to brace for higher gasoline prices because a higher tax on gasoline was considered highly probable. This new law will provide greater protection www.60/liter.opisnet. both houses of California’s legislature passed AB 808. baddington@opisnet. Issue 38 in Brazil by motorists with flex-fuel vehicles hit a record level in July. Consumption of hydrous ethanol reached 1. That’s the highest monthly figure recorded since 2000. the boost in the CIDE tax on gasoline in February has been cited repeatedly by ethanol producers this year as helping to make hydrous ethanol more price competitive with gasoline at the pump. hitting 24.26 to R$0.com | 888. and the PIS/ Cofins tax on gasoline rose from R$0. “With more than 5.301. which is when fuel distributors and the ANP began sharing such data.60/ liter would cause inflation to rise by nearly 0. 2015 • Volume 12. Senate Bill 730. 9/17/15. It was projected that raising the CIDE gasoline tax to R$0. Hydrous ethanol’s share of the fuel market (hydrous ethanol versus gasoline) also reached its highest monthly level so far in 2015. “Today’s freight trains carry extremely dangerous materials.8 billion liters in 2016 from 42. and the bill has moved to Gov. including Bakken crude oil. prices in U.3 billion for states and municipalities. and acids that may pose significant health and safety risks to communities and our environment in the case of an accident. the CIDE tax on gasoline went from zero to R$0.43846 (FOB Santos. At that time. Ethanol and biodiesel are specifically cited in the text of the bill as included under the proposed authority. Jerry Brown (D) for his signature.36275-$1.55 billion liters in July. with a CIDE gasoline tax of R$0. Earlier this month.S. 14 is expected to have a R$26 billion impact. Another likely consideration was the impact on inflation. $/gal. rules set by DFA for retail business practices related to labeling. prohibits the operation of a freight train or light engine within the state unless its crew size consists of at least two individuals.” one industry participant said. according to figures from Brazil’s National Oil.Ethanol & Biodiesel Information Service Brazil and CBI Markets Anhydrous Ethanol $1.) A hike in the so-called CIDE tax on gasoline in Brazil – which could boost sales of hydrous ethanol by making it more price-competitive – at one point was deemed potentially crucial to helping President Dilma Rousseff save her mandate.” said Wolk. Jerry Brown (D). More recently.60/liter to address the government’s budget shortfall. However.2 billion liters expected for 2015.22/liter. September 21. 14. the potential for derailment or other accidents containing these materials is an ever present danger.51417-$1. the gasoline tax hike was not part of a fiscal package unveiled by the Brazilian government on Sept.62773 Hydrous Ethanol $1. Participants in Brazil’s ethanol industry cite two likely reasons that the CIDE tax hike was not part of the fiscal package announced Sept. According to some projections. Gas and Biofuels Agency (ANP). Brazil’s ethanol producers welcomed the return of the CIDE tax on gasoline on Feb. anhydrous ammonia. The previous monthly record was set in December 2009 when 1. The Brazilian Sugarcane Industry Association (UNICA) reported last month that consumption of hydrous ethanol AB 808 will extend to the state’s Department of Food and Agriculture (DFA) the same authority over alternative fuels that it has over fossil fuels. sponsored by Sen.” a legislative analysis states. Brazil’s ethanol industry had proposed raising the CIDE tax on gasoline to R$0.10/liter. referring to Brazil’s state-controlled oil company. for a total increase of R$0. advertising and so on. Lois Wolk (D-Davis). the Folha de S. largely through spending cuts. liquefied petroleum gas.1% in July.51 billion liters of hydrous ethanol were sold. hours of business. the DFA “is restricted from establishing fuel quality specifications that would protect consumers from substandard products and regulate advertising for these new alternative fuels. Calif.

D. on Oct. The period under which E15 cannot be sold to non-flexible fuel vehicles in some parts of the country is from June 1-Sept. Michael. has struggled to advance due to a lack of longterm policy certainty. There have been a number of false starts to an ethanol mandate. according to Oberon.opisnet.Ethanol & Biodiesel Information Service September 21. Forschungsvereinigung Verbrennungskraftmaschinen e. Oregon issues updated proposal for Clean Fuels Program rules The Oregon Department of Environmental Quality (Oregon DEQ) has issued a series of proposed amendments to the state’s Clean Fuels Program rules and said it would take public comments on the proposed changes until 4 p. which says it was the first company to produce fuel-grade dimethyl ether (DME) in North America. 1 in Washington. which removed the sunset provision of the original Clean Fuels Program bill. “In Queensland. the state is committed to reducing the carbon intensity (CI) of transport fuels by a certain percentage each year.S. 2016. in introducing the bill in Parliament. conventional hydrocarbons and coal. industry and others to discuss emerging issues in the transportation by rail of biofuels.gov. Oberon will team with Ford Motor Co. 21. but fell to 350 million liters (about 92 million gal) in 2014.” said member Mark Craig Bailey. and to railroad workers. is partnering with other companies in an attempt to construct the inaugural production passenger car powered by DME for on-road testing.5 The project will investigate the use of DME and OME as diesel replacements in passenger cars and heavy-duty vehicle engines. The bill would require. RETAC serves as a forum for government. 19 at Oregon DEQ headquarters in Portland. a 2. including a proposal for a legislated mandate to start at the end of 2010. therefore.m.C. – USDA “is committed” to the U.2645 15 . Oberon Fuels. USDA’s Vilsack to biofuels industry: We’re still committed to growth Washington.C. the biofuels industry. 1 The Rail Energy Transportation Advisory Committee (RETAC) will hold its semi-annual public meeting on Oct. Also. (FVV) and other FVV member companies on a three-year. STB. electric utilities. “A legislated mandate for 2% biobased petrol such as ethanol will. cumulatively reducing CI by 10% by 2025 over a 10-year period.0% overall ethanol blend (in regular-grade gasoline) and a 0. and will result in the first original equipment manufacturer-produced DME passenger car in the world. Comments can be submitted to RETAC in advance of the meeting c/o Michael Higgins. it said recently.Higgins@stb. V. HB 2186. beginning on July 1. The restriction is in place because E15 blends do not receive the same 1-psi Reid Vapor Pressure (RVP) volatility waiver that is granted to E10. and particularly ethanol. Ford working on car to be powered by dimethyl ether Oberon Fuels.” In addition.5% biodiesel blend. Under SB 324. the law will give authorization to the California Public Utilities Commission to assess any civil penalties against anyone who willfully violates the law.” million-euro ($3. At its current level. the petroleum industry and the private railcar industry.2%. on Oct. 37 retail locations throughout Iowa have begun offering E15 fuel to 2001 and newer vehicles again. 2015 • Volume 12. analyze and test the potential of DME and oligomethyl ether (OME) fuel in passenger cars and heavy-duty truck engines. Queensland. The proposed changes include both definitional adjustments and incorporation of updated emissions models and new procedures. biofuels industry “and we will continue to focus on things we can control” at the agency to grow the industry.” Bailey said that use of ethanol in Queensland peaked in 2010-2011 at about 900 million liters per year (about 238 million gal). USDA www. Most of the proposed changes were spelled out in SB 324. Its 25 voting members span across large and small railroads.C.. respectively. 3. Australia. it will hold a public hearing on the proposal on Oct. the biofuels industry.95 million) project “to research. it has a market share of about 1. and ultimately build the world’s first production passenger car powered by DME for on-road testing.301. considers biofuels mandate for 2016 Legislators in the Australian state of Queensland are considering a bill that would mandate blending of ethanol and biodiesel into the state’s fuels. Rail safety committee to meet in D. Established by the Surface Transportation Board (STB) of the Department of Transportation in 2007. E15 available to Iowans after summer ozone season ends With the summer ozone season coming to an end recently. The meeting is open to the public. provide the policy certainty that the industry can take as a solid commitment from government to back the growth of a vibrant biofuels and bio-manufacturing industry in Queensland. Issue 38 to communities located along rail lines in California.com | 888.dot. passed earlier this year. coal producers. D. 15.

“I was extraordinarily pleased with the reaction” to the blender pump solicitation. I am looking forward to nearly 5.S.S. competition.07 per gallon.pdf. “That is good news for the industry.arb. Issue 38 to purchase 5 million metric tons (197 million bu) of U. Among USDA programs to help the biofuels industry are blender pump funding. corn and 500. 24-25 in Sacramento..S. the Board will vote on the readoption of the LCFS.000 fueling pumps. corn.” USGC said.. For the 2014/2015 marketing year.. Among the findings from BIO’s analysis: • “E10 could be sold at $93.S. USGC said recently. The final cost of each E10 gallon is therefore under $1. NERA Economic Consulting forecasts the oil companies would reduce gasoline production to 93 billion gallons sold at $93.S.gov/board/ma/2015/ma092415. barley and a top buyer of U. EU biodiesel producers have committed significant efforts to build a world-class leading production capacity. with 763 pumps.” he added. That’s a potential profit margin of more than $92 per gallon! • The U.org/EBBpressreleases/B99_CV_ Extension_Reg_2015_1519_15sep2015_aj. highlighted by a planned vote on the readoption of the Low Carbon Fuel Standard (LCFS).pdf.S. Energy Information Administration projects that nearly 138 billion gallons of gasoline will be sold at an average price of $2. co-products A Taiwanese delegation in Washington. the statutory volumes of the Renewable Fuel Standard (RFS2) will result in “outrageously high consumer costs. signed a letter of intent with the U. producers face an unfair. With the publication of EU Regulations 2015/1518 and 2015/1519 in the EU Official Journal.S.S. including distiller’s dried grains with solubles (DDGS). D.org/EBBpressreleases/B99_AD_ Extension_Reg_2015_1518_15sep2015_aj.000 tons of U.23 billion by 2017.. The European Biodiesel Board (EBB) said it “welcomes today’s publication of a five-year extension of the so-called “B99” measures.dumping and anti-subsidy duties on U. doubling access to higher blends and setting the stage for continued ways to expand access to higher blends.S. biodiesel penalties for 5 years The European Commission has made it official: It extended both the anti. “We’re going to continue to look for ways to expand because it’s the right thing to do for the country.products. “The letter is evidence of Taiwan’s commitment to strengthening trade ties and maintaining the well-established partnership between the United States and Taiwan. corn co. USDA recently announced that 21 states have been awarded a collective $100 million in funding to help install blender pumps.37.301. noting that the largest amount of interest came from Texas. which found that if left unchanged. Vilsack said.pdf • http://www. valued at $1.S. the Biomass Crop Assistance Program and the Commodity Credit Corporation. The meeting will begin with a review of the proposed Alternative Diesel Fuel (ADF) regulation – specifically an updated environmental impact analysis of ADF.3 trillion in potential profits this year if EPA sets the RFS targets below statutory levels. It’s estimated that the grants will support the installation of nearly 5.ebb-eu.S.Ethanol & Biodiesel Information Service Secretary Tom Vilsack told attendees at Growth Energy’s sixth annual Advocacy Conference.” However.S. CARB board to vote on LCFS The Board of the California Air Resources Board (CARB) will consider a slate of biofuels-related issues at its next meeting on Sept. .. according to USGC. Vilsack outlined. 2015 • Volume 12. Grains Council (USGC) committing September 21. On the 25th. biodiesel imports for an additional period of five years.com | 888. uneven playing field. however..ebb-eu. the National Biodiesel Board (NBB) denounced the decision as “protectionist” and said that U.opisnet.ca.” he said. An agenda for the meeting and links to materials about the various programs that will be discussed can be found at:http://www. To read the EU’s decisions. Taiwanese delegation to purchase U. Taiwan was the sixthlargest market for U. E10 contains 10 percent ethanol. With that review will come a look at how ADF integrates with and supports the goals of the LCFS.31 and 58 billion gallons of diesel will be sold at an average of $2. which costs $1.” In the U.000 additional pumps in place. go to: • http://www. European Commission extends U. corn.70 in 2015.2645 16 . Over the past years. and 90% BOB (Blendstock) at $1. they have been unable to fully reap the benefits of their work due to the devastating effects of successive waves of unfair U.C. BIO: Oil industry could lose trillions if EPA sets RFS below statutory targets A NERA Economic Consulting study was issued recently by the American Petroleum Institute (API). BIO has announced.64 per gallon this year.S..40 per gallon. third-largest market for U.64 per www. the Commission affirmed the claims of Europe’s biodiesel industry that they would be harmed if the duties were lifted. a recasting of that same data by the Biotechnology Industry Organization (BIO) finds the oil industry would lose more than $12. the Biofuels Infrastructure Partnership. DDGS.

requiring all E15 dispensers to have a specific label.2645 17 . NY.S.2535 • Email: opis@opisnet. and EPA extending comment period on ICR for E15 recordkeeping rules EPA is providing an additional 30-day comment period on an information collection request (ICR) related to recordkeeping of E15. © Redistribution (photocopying or forwarding) without written permission is strictly prohibited and aggressively enforced. according to a recent report by the U. Michael Kelly. Production Group: 800-275-0950 Fax: 800-927-3745. Suite 200. it said. exceed $12. Tom Kloza. STAFF: Ben Brockwell. “[t]he joint venture will produce The government began to withdraw policy support for grainbased ethanol in 2010 after increasing domestic grain prices triggered alarm within the government. and production volumes are tightly controlled.49 million metric tons) in 2016.” USDA said. 8133. contact Tanya Feyereisen. contact Spencer Kelly. If anyone reports illegal copying/forwarding to OPIS. UT and WA. the details of the plant. “Also.” However. Two Washingtonian Center.2645 • Fax: 301. In 2012. Brit Galloway. Applicable sales tax will be added in CT. Both companies are active in the production of biodiesel. Denton Cinquegrana. kicking off a 60-day deadline.6% from this year. Pricing Services Group.. 651-644-8280. Edgar Ang. according to USDA. 200. By insisting that E0 maintain 2.com OPIS Ethanol & Biodiesel Information Service is published weekly by Oil Price Information Service.301. which are both used in the production of biodiesel. Beth Heinsohn. Chinese Ethanol output forecast to rise 2.opisnet. MD 20878 Call: 888.opisnet. Michael Schneider.” the EC added. Editorial Group.287. Ethanol pricing inquiries. Brad Addington. Date__________________________ City_________________________ State_____ ZIP______ Country_ __________ Signature____________________________________________________ Phone___________________________ Fax_ ____________________________  Charge $290 USD* to my:  VISA  MasterCard  AmEx  Bill me $290 USD* (must initial here_____) Email (required)____________________________________________________ * You will be billed/charged $290 USD/month until the service is cancelled in writing.3 trillion. “The prospect for further import growth remains uncertain given tight government controls over the sale of ethanol for fuel use.” the Federal Register notice added. Biodiesel inquiries. Price is valid for 30 days from the date of this issue. ext.40 for BOB.  Start my subscription to OPIS Ethanol & Biodiesel Information Service (ETH15001) Billing Information:  Renew my subscription to OPIS Ethanol & Biodiesel Information Service (ETH15001) Name___________________________________________________________ Payment Options: Company_________________________________________________________  Discover Address__________________________________________________________ Card #_____________________ Exp. Jessica Nesterak. they will receive 10% of the net proceeds of any copyright settlement. The agency also issued a final rule establishing several measures to mitigate misfueling. Rachel Gantz. 9737 Washingtonian Blvd. Spencer Kelly.49 per gallon. Gaithersburg. All subsidies for grain-based ethanol have now been removed. because the companies’ combined market position would remain highly limited on all markets involved and they would continue to face significant competitive pressure from various strong. Postmaster: Send address changes to OPIS. the oil companies would expect to forgo more than $427 billion in potential profits. The rise in ethanol production is anticipated to occur in response to increased fuel consumption in provinces with blend mandates. Mary Welge. TX. 2015 • Volume 12.15 billion liters (2. As the EC explained. Robert Gough. according to the report. Renee Ortner. Brian Crotty. Mail to: Oil Price Information Service (OPIS) | 9737 Washingtonian Blvd. Circulation Office/Customer Service: 301-287-2525. 13..Ethanol & Biodiesel Information Service gallon and reduce diesel production to 40 billion gallons sold at $103 per gallon.com • Visit: www.com | 888. • E0 can only be sold at $23. Agriculture Department. Diane T. The commission concluded that the proposed acquisition would raise no competition concerns. www. among other issues. After 30 days the price will be the prevailing rate. while biodiesel output remains flat. September 21. The potential profits. the joint venture’s parent companies sell palm and seed oil. Donna Calabria. Gaithersburg. were not disclosed. NJ. according to a Federal Register notice. EPA previously sought public comments on this issue on March 24. “This notice allows for an additional 30 days for public comments. European Commission approves new biodiesel joint venture The European Commission (EC) has approved a new Dutch joint venture company between Wilmar International and Fox Petrolifera Italiana SpA of Italy that will produce biodiesel. 301-287-2731. up from only 14 million liters in 2014. while the cost of the gasoline blendstock would likely be higher than the $1. multinational competitors.6% next year: report Chinese fuel ethanol production is forecast at 3. EPA gave final approval to E15 for 2001 and latermodel-year vehicles. The new comment deadline is now Oct.301. Ste. The transaction was examined under the simplified merger review procedure. while the rule also requires a survey of retail stations to ensure compliance with the requirements. such as the production capacity and its start date. Ethanol imports in 2016 are forecast to reach 90 million liters. Issue 38 biodiesel and its byproducts from an existing Italian biodiesel plant currently operated by Fox Petrolifera. up 2. the nation’s leading supplier of pricing. Ethanol imports this year are forecast at 70 million liters. MD 20878-7364. as well as crude and refined glycerin.5% of the gasoline market when E10 is far more profitable. including the lower cost of production. Miller. news and analysis for the downstream refining and marketing sector.