Global News Summary
North America CBOT SOY CLOSES HIGHER ON COLD WEATHER FORECAST Overnight CBO...
Global GLOBAL OIL DEMAND FORECAST TO RISE IN 2010 The IEA has raised its fo...
Global CRUDE FUTURES RISE ON HIGHER DEMAND SPECULATION Crude futures rose W...
Global SOYOIL PRODUCTION FALLING UNEXPECTEDLY Global soybean oil production...
North America BIG RIVER UNITED ENERGY ACQUIRES IOWA ETHANOL PLANT In Iowa, ...
North America DIESEL PRICES HIT YEARLY HIGH US diesel prices rose 1.6 cen...
Global CRUDE OIL HITS 2009 HIGH Crude oil rose above $74 a barrel in New Yo...
North America CARGIL REPORTS 69% DROP IN EARNINGS Cargill reported its fina...
North America SENATORS REMAIN PRESSURED TO PASS CAP-AND-TRADE BILL US Senat...
North America CBOT SOY DIPS OVERNIGHT CBOT soybean futures fell overnight a...
July 14, 2010
Volume 6 Issue 72
OILEASES BELOW $77
Oil eased to below $77 a barrel Wednesday, falling from a two-week high, after a weekly industry report showed a surprise increase in US crude inventories by 1.7 mln barrels, Reuters reports.
BIOFUEL TAX BREAKS MY BE ATTACHED TO ENERGY BILL
Senators from the US Midwest may attach a long-term extension of biofuel tax breaks, including the $1/gal biodiesel tax credit, to an energy bill being formulated by Democratic leaders, Reuters reports. Senate Majority Leader Harry Reid plans to meet committee chairmen this week to see if an energy bill can be fashioned from various proposals. Read more
EPA TO REQUIRE 800 MLN GAL BIODIESEL IN 2011
On Monday EPA announced it would require the domestic use of 800 mln gal of biodiesel in 2011, in line with the renewable goals established in the Energy Independence and Security Act of 2007, which expanded the Renewable Fuels Standard.
ITALY BIODIESEL OUTPUT MAY PLUNGE 60-70%
Biodiesel output in Italy may plunge 60-70% this year after falling 50% in the first six months of 2010, said Maria Rosaria Di Somma, director general of Assocostieri-Unione Produttori Biocarburanti. "The situation is alarming and, unfortunately, our full-year forecasts are for a bigger (output) fall, of up to 60-70 percent, if the government does not take measures against illegal imports," Di Somma told Reuters.
MAJORITY SPANISH BIODIESEL PLANTS OPERATING UNDER 10% CAPACITY
Spanish Renewable Energy Association APPA stated that 75% of the 46 domestic biodiesel plants operate at rates of 10% or lower, claiming that the sector is suffering from imports from Argentina. The market share of biodiesel imports in Q1 2010 was 60%, up from 51% in the preceding year, of which 61% came from Argentina. Read more
D1 OILS SELLS ENGLAND BIODIESEL PLANT
D1 Oils has sold its 100k mt Bromborough, England biodiesel plant to Organic Waste Management for GBP2.6 mln and a royalty of another GBP400,000 based on future production volumes. The firm had agreed to a deal with an unnamed buyer for the site in Feb. but the deal failed to materialize. Read more
EU SETS GHG CAP FOR INDUSTRIAL FACILITIES
GHGs from industrial installations covered by the EU's emissions trading scheme (EU ETS) will be capped at just under 1.927 billion allowances for 2013, the European Commission said Friday.The Commission's decision determines the maximum amount of emissions from around 11,000 industrial installations and power plants regulated by the EU ETS in 2013.
Asia / Pacific
PALM OIL EXTENDS GAINS WEDNESDAY
Palm oil advanced Wednesday extending gains after shipments from Malaysia climbed more than estimated in June and an Indian trader indicated that country’s imports may rise to meet festival demand. The Sept. contract increased 1.2% to $744/mt, the highest level in more than two weeks, Bloomberg reports.
JAPAN ELECTIONS COULD HINDER CLIMATE BILL
The result of elections for Japan's upper house of parliament held on July 11 has spurred pessimism over the passage of the country's climate bill, as the governing coalition failed to maintain a majority in the chamber. The governing coalition of the Democratic Party of Japan (DPJ) and the People's New Party (PNP) closed the last parliamentary term without bringing the bill to the upper house for voting Argus reports.
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