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TEN HOT NUGGETS
10 | Cleared for takeoff
U.S. sustainable aviation fuel production is taking off, literally.
Domestic renewable jet fuel RIN generation was a record 9.2 million gallons in September, more than two times larger than August’s four-million-gallon record and up 353% year-on-year.
In the first nine months of 2024, the U.S. has cranked out more renewable jet fuel than in the four previous years COMBINED.
9 | Taking off 2.0
SAF production is not the only thing taking off in the U.S. as soybean oil demand is set to hit a record high for the third consecutive year in 2024/25.
This surge is driven by continued growth in biofuel use and a rebound in exports, fueled by rising global vegetable oil prices.
Despite record production for the 11th year in a row, the U.S. has struggled to build stocks as strong biofuel demand has outpaced production growth, even amid crushing capacity expansion.
8 | The U.S. is not on an island
Likewise, global demand for vegetable oils is surging on growing biofuel initiatives worldwide.
This, coupled with Argentina's 2022/23 crop failure and a handful of other factors has tightened world stocks in terms of days of supply on hand to an 8-year low.
Two of the biggest drivers in the biofuel veg oil boom are the U.S. and Brazil who have seen a 150% and 100% increase, respectively, in biofuel demand for soybean oil over the past decade.
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