# US oil refiners crank out diesel, further squeezing margins for gasoline

> US fuelmakers sold renewable identification credits (RINs) to lock in profits after the spread between soybean oil and heating oil futures widened in August to its largest in over a year. Refiners are also producing more diesel, which squeezes gasoline margins.

- Date: 2023-10-19 · published 2023-10-19T12:00:00.000Z
- Category: policy · region US · magnitude low
- Page: https://feedsoft.ai/events/33711-us-oil-refiners-crank-out-diesel-further-squeezing-margins-for-gasoline
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Heavy RIN selling and diesel output reflect strong biofuel economics that pull soybean oil into renewable diesel, but falling RIN values can weaken that demand and pressure soyoil prices.

## Read by commodity

- SBO: neutral
- DIESEL: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2017-02-13 | [US biodiesel interests gear up for court battle over RFS volumes \| Biodiesel Magazine](https://feedsoft.ai/events/72364-us-biodiesel-interests-gear-up-for-court-battle-over-rfs-volumes-biodiesel.md) | -5.0% | -7.9% |
| SBO | 2023-12-13 | [Something’s Gotta Give – Five Ways the Market Could React to Surging Renewable Diesel Output, RIN Generation – Prometheus Institute](https://feedsoft.ai/events/15256-something-s-gotta-give-five-ways-the-market-could-react-to-surging-renewable.md) | +0.3% | -3.8% |
| SBO | 2024-04-02 | [Palm Oil Magazine - CPO Reference Price Strengthens, Export Duties and Export Levy Tariffs for April 2024 Period Set at USD 142 per MT - Palm Oil Magazine](https://feedsoft.ai/events/15651-palm-oil-magazine-cpo-reference-price-strengthens-export-duties-and-export-levy.md) | +0.4% | -7.6% |
| SBO | 2018-10-31 | [OMB reviews final rule to set 2019 RVOs under the RFS \| Biodiesel Magazine](https://feedsoft.ai/events/62409-omb-reviews-final-rule-to-set-2019-rvos-under-the-rfs-biodiesel-magazine.md) | -0.4% | -1.0% |
| SBO | 2018-01-16 | [Turning Soybeans Into Diesel Fuel Is Costing Us Billions : The Salt : NPR](https://feedsoft.ai/events/66862-turning-soybeans-into-diesel-fuel-is-costing-us-billions-the-salt-npr.md) | -2.3% | -3.3% |
| DIESEL | 2020-08-27 | [Crude oil or cooking oil? For some U.S. refiners, it's now a choice](https://feedsoft.ai/events/51485-crude-oil-or-cooking-oil-for-some-u-s-refiners-it-s-now-a-choice.md) | -4.5% | -9.5% |
| DIESEL | 2022-02-07 | [FEATURE: Renewable diesel producers racing for the finish line as credits under pressure \| S&P Global](https://feedsoft.ai/events/15420-feature-renewable-diesel-producers-racing-for-the-finish-line-as-credits-under.md) | +3.1% | +39.8% |
| DIESEL | 2019-07-20 | [IMO boost so far elusive for US diesel](https://feedsoft.ai/events/58285-imo-boost-so-far-elusive-for-us-diesel.md) | +0.7% | -4.3% |

## Sources

- investing.com: https://www.investing.com/news/commodities-news/us-oil-refiners-crank-out-diesel-further-squeezing-margins-for-gasoline-3202794
- reuters.com: https://www.reuters.com/markets/commodities/us-oil-refiners-crank-out-diesel-further-squeezing-margins-gasoline-2023-10-19/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.