Global News Summary
NORTH AMERICA The US House looks poised to take action next week on energy le...
WORLD The World Meteorological Organization said levels of carbon dioxide, th...
NORTH AMERICA Connecticut has pumped 1 million gallons of biodiesel fuel into...
WORLD OPEC pledged $750 million for climate change research but has not commi...
WORLD Crude oil prices rose above a record $99 per barrel Wednesday over worr...
WORLD The United Nations Secretary General released the latest report by the ...
WORLD At a summit of OPEC states, Iranian President Mahmoud Ahmadinejad said ...
WORLD The World Energy Congress in Rome wrapped up with calls for the World T...
WORLD Governments worldwide must take the lead on biofuel use to ensure that ...
WORLD At the World Energy Congress, the president of Saudi Aramco said there ...
June 23, 2010
Volume 6 Issue 66
OIL FALLS TOWARD $75 WEDNESDAY
Oil fell by more than $2 toward $75 a barrel Wednesday after US industry data showed a surprise jump in crude and gasoline stocks, Reuters reports. API said US crude stocks rose by 3.7 million barrels last week, contrary to analysts' expectations for a drop of 800k barrels.
VENTURE CAPITALIST INVESTMENT FOR BIOFUEL FALLS IN 2009
Although 2009 saw venture capitalists invest $877mln across 51 deals for bio-based fuel and materials production, that level of funding represents a 26% drop from 2008. However, the drop may signal a regrouping rather than a retreat from the industry as many VCs rethink their investment strategies after the 2008 economic collapse, according to a new report from Lux Research.
EPA PUTS E15 DESCISION OFF TILL FALL
Two days after President Obama’s Oval Office address summoning Americans to “a national mission” to end our dependence on oil, in its second delay in seven months, EPA deferred a decision until the fall on whether to increase the level of ethanol in gasoline to 15%, The Hill reports.
USDA TO RELEASE RENEWABLE FUELS REPORT
Ag Secretary Tom Vilsack announced that USDA will be releasing a report this week outlining both the current state of renewable transportation fuels efforts in America and a plan to develop regional strategies to increase the production, marketing and distribution of biofuels. Read more
RFS2 REQUIREMENTS BEGIN JULY 1
On July 1, RFS2 will go into effect, meaning RFS2 RINs may only be generated once a party’s registration has been accepted by EPA. Registration includes an EPA assigned Corporate ID, and access to the EMTS. RIN generators whose fuel is used as motor vehicle fuel must also be registered with the Fuels and Fuel Additives Registration System (FFARS).
View the User Manual here
CAP-AND-TRADE MAY BE SCALED BACK IN US CLIMATE BILL
The co-author of draft Senate climate legislation today signaled a willingness to scale back the cap-and-trade component of the proposal in an effort to win the 60 votes needed to ensure passage, Argus reports. Sen. John Kerry said he and several colleagues are looking at alternatives that may include a “smaller” program for pricing carbon.
SOYBEANS DECLINE ON WARM WEATHER
Soybeans and corn declined in Chicago as warmer weather in US growing regions may aid crops. Nov.-delivery soybeans fell 0.5% to $9.3175 a bushel and corn for Dec. delivery dropped 0.3% - to $3.7075 a bushel, the third consecutive decline, Bloomberg reports Wednesday.
GERMANY TO DOUBLE ETHANOL IN GASOLINE THIS YEAR
Germany aims to double the amount of ethanol allowed in gasoline to 10% by the end of the year, an agriculture ministry official said, a change that may boost domestic biofuel producers, Bloomberg reports. Biofuel and biodiesel made up 5.4% of transportation fuels last year in Germany.
TOTAL TO BUY STAKE IN AMYRIS
Total said Wednesday it will buy a 17% stake in US biofuels producer Amyris to expand its reach in renewable fuels. Under the deal, whose financial terms were not disclosed, Total will have one representative on the board of Amyris. Read more
Asia / Pacific
PALM OIL CLIMBS AFTER 7-MONTH LOW
Palm oil climbed to $737/mt Wednesday, rallying from the lowest closing price in almost seven months, as the Malaysian ringgit weakened for a second day, making the oil more attractive for refiners. Read more
AUSTRALIA PROBES BIODIESEL DUMPING
The Australian Customs and Border Protection Service said it was looking into a complaint by local firm, Biodiesel Producers, that US biodiesel was being dumped onto the Australian market, undercutting domestic producers, Reuters reports. The customs agency said it could not make any immediate comment on the case.
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