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Marathon Petroleum is considering converting its idled 161,000 b/d Martinez, California refinery into a 48,000 b/d renewable diesel plant. Several US refiners are accelerating renewable fuels investments, citing pandemic-hit fuel demand and low-carbon compliance costs.
Refiner shifts into renewable diesel add future demand for vegetable oils and animal fats as feedstock, supporting soybean oil and other fats, though the projects are still early stage.
ogj.comRobert BrelsfordOct 5, 2020After 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.
After 548 past bullish policy events, Palm Oil moved a median +0.4% over 5 sessions (61% higher; middle half -0.7% to +2.1%), and +0.9% over 20.
After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
