The week ended March 28 saw RD margins lack direction as modest diesel losses were met by mixed spot feedstock pricing. UCO prices tracked lower against gains in DCO and stable BFT pricing. The BOHO spread reached the widest level in three months at $1.01/gallon as fresh diesel losses were joined by modest gains in CBOT soybean oil. D4 prices edged up less than one percent as the credits proved less responsive to BOHO gains. Nymex ULSD shifted into contango in the latter half of the abridged holiday week, marking the first time the forward structure showed carry since May 2023.
IN THIS REPORT AEGIS EXAMINES: