Biodiesel / Ethanol
Biodiesel remained a challenging market in 2019 as prices continued to eliminate the potential for discretionary blending. Regulatory uncertainty in the US and Europe on matters such as US tax and renewable fuel policy, as well as anti-subsidy duties on various biodiesel imports being dropped by the European Union as they were adopted in the US, created further obstacles for the biodiesel business. Global commitment from consumers and regulators alike remains firm in calling for increased penetration of renewable fuels into the energy mix. In response, Trafigura maintains expertise to evaluate and act on market movements as they occur.