US imports of renewable diesel elevated within the early months of 2024.
Within the first 5 months of 2024, U.S. imports of renewable diesel averaged 30,000 barrels per day (b/d), approaching the month-to-month file set in Might 2023. A lot of the imports (94%) have been destined for the U.S. West Coast, the place many of the nation’s renewable diesel is consumed. All U.S. imports got here from Neste’s vegetation in Singapore and Rotterdam.
Renewable diesel is a transportation and heating gas that’s chemically equal to petroleum-based distillate gas however is produced utilizing fat, oils, or greases moderately than petroleum. As a result of California, Oregon, and Washington are the one states with lively clear gas applications that incentivize the consumption of renewable diesel past the incentives offered by federal insurance policies, renewable diesel is primarily consumed on the West Coast.
The US imported 29% extra renewable diesel throughout the first 5 months of 2024 than in the identical interval final yr. The rise in imports was probably pushed by elevated:
To this point in 2024, 18,000 b/d of the 30,000 b/d of imported renewable diesel have gone to Los Angeles, a rise from 2023’s annual common of 13,000 b/d, in accordance with our company-level import information. The rise in terminal capability in Los Angeles has probably underpinned the expansion in imports to that port in 2024.
Renewable diesel imports arriving in San Francisco, California, have decreased barely, whereas imports elevated barely in 2024 to Portland, Oregon; Atlanta, Georgia; and Perth Amboy, New Jersey. Neste’s Singapore plant has provided 96% of U.S. renewable diesel imports up to now in 2024, and its Rotterdam plant has provided the remaining 4%. The ratio was related in 2023, however Neste’s Finland plant additionally provided some renewable diesel final yr.
Imports of biomass-based diesel—a class that features each renewable diesel and biodiesel—have made up a larger-than-normal portion of U.S. consumption. Within the first 5 months of 2024, imported biomass-based diesel provided about 20% of U.S. biomass-based diesel consumption, in contrast with about 15% in 2023 and 10% in 2022.
Though we forecast that extra biodiesel and renewable diesel might be imported in 2024 than in earlier years in our Quick-Time period Vitality Outlook, we count on imports to lower within the second half of the yr partially due to scheduled upkeep at Neste’s Singapore and Rotterdam vegetation.
READ the newest information shaping the biofuels market at Biofuels Central
US imports of renewable diesel elevated within the early months of 2024. supply
