Spot biodiesel values moved up early Friday after news the U.S. Senate Finance Committee voted April 3 to reinstate the $1 gallon tax credit through Dec. 31, 2015, made retroactive to Jan. 1. The measure moves to the full Senate for consideration.
"Everybody's just talking about the credit," said Jerrod Kitt, strategist for the Linn Group in Chicago, Ill.
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"This is the third time in five years that the biodiesel incentive has lapsed, making it incredibly difficult for biodiesel businesses to plan for expansion or build infrastructure," said Anne Steckel of the National Biodiesel Board.
Spot prices were up 1.0 cent at Chicago, Houston and the New York Harbor today, with NYH surging 7.0 cents on the week so far. The latest bid/ask range was $3.50 to $3.60 per gallon for B100 soy methyl esters at Chicago, while Houston was at $3.44 to $3.54 at and NYH SME B100 was pegged at $3.57.
Myke Feinman can be reached at email@example.com
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