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Premium for RED RME biodiesel over RED FAME 0 in NWE at 8-month low

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Premium for RED RME biodiesel over RED FAME 0 in NWE at 8-month low

London — The premium for RED RME biodiesel over RED FAME 0 biodiesel in Northwest Europe Thursday fell to an 8-month low of just $3/mt, as the market switches towards summer grade FAME 0 blend and supplies of blendstock alternatives to winter-grade RME dwindle, market sources said.

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The premium for the winter product over the summer blend dropped $2/mt Thursday, its lowest value since July 24, when it was $2.50/mt.

Looking ahead for 2015, one broker was showing a bid-ask spread of $5-$15/mt through the second quarter, before a steep rise in Q3. On Thursday, April RED RME vs RED FAME 0 paper was traded at plus $12/mt and plus $13/mt.

One source thought the Thursday traded levels were slightly optimistic.


"When we get to the first half of April, I can't see any alternative to RME," he said.

However, another source felt the spread was overdone in the near term and should not be consistently low for a few months.

"It's a bit early now, but definitely for the summer [the spread will be narrow]," he said.

With much of Europe moving towards warmer weather now, biodiesel specifications start to switch towards blends that solidify at slightly higher temperatures.

FAME 0 represents blended biodiesel that has a cold-filter-plugin-point of zero degrees Celsius.

RME biodiesel is biodiesel made exclusively from rapeseed oil feedstock and holds a CFPP of around minus 13 degrees Celsius, which is overkill in the warmer months.

However, with supplies of alternative higher CFPP components such as SME or PME, made from soybean oil and palm oil, lacking, FAME 0 is increasingly likely to be delivered as pure RME.

SME and PME are largely priced out of the market, because the cost of their feedstocks are relatively noncompetitive with rapeseed oil.

Argentina and Indonesia, two countries with cost advantages for soybean oil and palm oil, are subject to significant anti-dumping duties introduced in November 2013 against biodiesel imports into the EU.

The narrowing spread between RME and FAME 0 also appeared in 2014 at around the same time.

The average spread between the two grades was $4.82/mt in March 2014 and did not head into double figures again until August when some substitute blendstocks were obtained.

The spread continued higher in September when Europe began a switch back to winter specs.

By comparison, the March 2013 average spread was $99.30/mt and the lowest it reached during the entire year was in May 2013 at $45.01/mt.

--Sean Bartlett, sean.bartlett@platts.com
--Edited by Richard Rubin, richard.rubin@platts.com