Global News Summary
GLOBAL Oil rose above $70 on Friday, recovering from a 16-month low to join a...
GLOBAL Oil prices dipped below $75 a barrel Wednesday, a new 13-month low, as...
GLOBAL The Dow Jones industrial average surged more than 400 points in early ...
GLOBAL Stocks tumbled on Friday, sending the benchmark S&P 500 below 9000 for...
GLOBAL Central banks around the world cut short-term interest rates by up to ...
GLOBAL Stocks tumbled around the world, the Euro fell the most against the Ye...
GLOBAL Crude oil is poised for the largest weekly drop since 2004, after a U....
GLOBAL If crude petroleum oil is around $100/barrel-plus or minus 10%, CPO p...
GLOBAL Worries that a slowing US and world economy will cool oil demand are t...
GLOBAL The Sustainable Aviation Fuel Users Group, an organization to accelera...
Corn and soybeans rallied Wednesday as a drop in the dollar boosted the appeal of US supplies for overseas importers and rising energy costs increased demand prospects for biofuel. Wheat gained for the first time in four days.
At the US Democratic Convention in Colorado this week, hybrid, alternative fuel and biodiesel buses are transporting the delegates; the stage will be painted with low-VOC paints, and solar power, wind energy, and biodiesel generators will provide power for the event.
Nu-Energie of Blountville, TN and Enersight of Huntsville, AL have formed a partnership called Nu-Holdings to produce 3.5 million gallons of biodiesel per year at Nu-Energie’s Surgoinsville, TN biodiesel facility. The plant will process waste vegetable oil into ASTM grade biodiesel for domestic and international sale.
Archer Daniels Midland has teamed up with Deere & Co. and Monsanto to research processing corn stalks, leaves, and cobs into feed and bioenergy products, and identify environmentally and economically sustainable methods for harvest, storage, and transport.
US gasoline demand in June was down 1.5% from May and 4.4% from a year ago. This was the first time June demand fell from May since 2001. However, ethanol blending in gasoline increased in June, possibly due to the high price of gasoline and the less expensive price of ethanol.
US canola and soybean production should hit record highs this year, with canola production estimated at 10.4 million mt and soybean at 3.2 million mt. Higher prices were cited as the reason for the surge in both crops, with demand for biodiesel with regard to canola playing an important role.
California-based Greenline Industries and Colorado-based Blue Sun Biodiesel have been included in Inc Magazine’s list of the 500 fastest-growing companies in the US.
In Pennsylvania, a farmer has planted ten acres of sunflowers, expected to yield about 1,000 gallons of oil, as part of a cooperative organized by the MidAtlantic Renewable Energy Association. The oil will be used for biodiesel.
Massachusetts-based cellulosic developer SunEthanol announced it is teaming up with MBI International of Michigan to scale-up a fermentation method using Q-Microbe to produce biofuel. SunEthanol aims to operate a cellulosic ethanol pilot plant by 2009.
Production of soybeans in Argentina and Brazil may be slowed this year by dry weather and a campaign to end farming on deforested Amazon land, said an analyst at Oil World. Areas of Argentina are facing the worst drought in 40 years and planting in Brazil may be hindered as the government cuts aid to farmers who can't show their land was obtained legally.
EU palm oil imports are likely to exceed 5 million mt in 2008 compared with 4.6 million mt a year ago, Dow Jones reports. Around 85% of these purchases will be used for cooking and the rest for oleochemicals.
During the first half of 2008, the Latvian tax authority collected $291 million in excise tax on oil products, 15% more than the same period in 2007. The revenues were influenced by a 9% excise tax increase for lead-free gasoline and 8% for diesel fuel and biodiesel.
Eco-protestors prevented tank trucks from accessing the Vopak facility at Thurrock, one of England's largest biofuel storage facilities. A campaign spokesman cited imported biofuels as the reason for the protest.
In the UK, ten of Exeter’s city garbage trucks are being run on waste cooking oil biodiesel as part of an initiative aimed at cutting the city's carbon dioxide emissions. If the trial is a success, other vehicles could be converted.
ASIA / PACIFIC
At the first Biofuels India Summit, the Indian government stated it is looking to bring biodiesel and ethanol under the ambit of ‘declared goods’, which will help in unrestricted movement of the biofuel within and outside the Indian States. The government is expected to mandate 20% biofuel blending, propose a national jatropha for biofuel plan, and establish a biofuel development board.
Domestic demand for CPO biofuel in Indonesia, estimated at about one million mt, is likely to compensate losses from declining prices of CPO on world markets, the Indonesian Deputy of Agriculture and Marine Affairs reports.
Biodiesel manufacturing has resumed at a Kuala Lumpur-based palm oil processing firm after the recent fall in crude palm oil prices and has exported 2,000 mt of biodiesel at $1,050/mt FOB, Dow Jones reports. The company wished to remain anonymous.
According to an industry analyst, Malaysian CPO futures need not go lower than $650.79/mt in the next few weeks if oil prices stabilize within a 10% range of $100 a barrel, as this price level is likely to induce demand growth.
Kuala Lumpur Kepong plans to grow 10,000 hectares of palm per year to meet global demand, the company said. However, the company says it will not expand its oleochemical business apart from its $59 million Malaysian biodiesel plant to be commissioned in the second half of 2009.
Gulf Arab investors said on Wednesday they would set up a $6 billion infrastructure investment bank, InfraCapital, and a $3 billion agriculture investment firm, AgriCapital, in compliance with Islamic law. InfraCapital will invest in transport, energy, and education, while AgriCapital will focus on food production, livestock, and biofuels.
About World Energy