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Marathon Petroleum will form a joint venture with Neste for its Martinez, California refinery, which is being converted to produce renewable fuels. The project is pending environmental permits.
The refinery was idled in 2020.
Conversion of idled refining capacity to renewable diesel adds future demand for vegetable oil and animal fat feedstocks, a modestly bullish factor for soybean oil.
reuters.comMar 1, 2022After 842 past bullish policy events, Soybean Oil moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
