Wed 21Nov2018: ICE Gasoil follows general retreat of energy (except Natural gas up 30%) down to $604 as traders nervous about decreased consumption in China and despite upcoming OPEC meeting. RSI on gasoil is now low at 37 as we have broken 200dma and 50dma doing quite a bit of technical damage but still feels like this was a forced sell-off as fundamentals really did not change at all. US biodiesel margins are now negative as BOGO rebounding to -$18/mt while POGO is now $104 despite news that Trump administration decided to not release RVOs with view of making a change to RFS in January. News that Chevron in Utah was issued a small refinery exemption by EPA did not add to the optimism on RFS. California on the other hand showed how successful biodiesel blending in Q2 has been by showing that up to 15% blends were achieved with renewable diesel being 10% of that. In EU the RME spot traded at +815 while FAME traded at +140 showing a spread btw RME/FAME of $575 for q4 and $315 for q1. Still remain rather positive that we should see a strong rebound in energy prices perhaps during upcoming holidays. Happy Thanksgiving all!