- After postponing it for 14 months, Malaysia will finally implement B-10 biofuel mandate starting December 1st B-10 will be first implemented in the transport sector in the state of Johor and will extend progressively country wide. At the same date, B-7 mandate will be effective for the industrial and commercial sectors.
- When fully implemented, the raise of the two mandates should represent an increase in Malaysian palm oil methyl ester consumption by around 700 to 750 KT per year which is likely to sustain local crude palm oil prices.
- Despite their month-on-month fall in September, FAME exports from Argentina remain high in comparison to last years. Exports were reported at around 167 KT in September due to high SME consumption in the US.
- Waste based biofuel market is mostly sold out for November and December 2016. You will find below UCOME and TME quotations for January 2017:
Euro / Dollar exchange rate:
- On Wednesday, as expected, the Federal Reserve did not change its reference interest rates. Though, the American Central Bank indicated that it will certainly tighten up its monetary policy and raise its rates in December.
- After its fall over October, Euro / Dollar continued to increase this week +0.30% on Wednesday to $1.1095. Yesterday it consolidated at the level of $1.1099.
- The American currency weakened after Donald Trump came ahead of Hillary Clinton for the first time in the election poll since May.
- Energy Information Administration announced that on Wednesday oil stocks surged by 14.4 million barrel on a weekly basis. Consequently, Brent crude oil and WTI prices fell by 2,95% to $46,85 per barrel and by 2,85% to $45,50 per barrel respectively.
- Furthermore, the OPEC announced that its members increased their production by 170,000 barrel per day to a total of more than 34 million barrel per day which has sustained the bearish trend of crude.
- On spot market, gasoil prices followed this trend. They have lost around 3.5% since the beginning of the week and were traded around $425 per MT on average on Thursday 3rd