Add 'US Biofuel Producers Increase in Oct As Profitability Improved,'

US-Biofuel-Producers-Increase-in-Oct-As-Profitability-Improved%2C.md

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+<br>Renewable diesel [manufacturers](https://www.pinterest.com.au/missionnewenergy/) usage at 77%, highest because July - AEGIS<br>
+<br>Biodiesel manufacturers [utilization rate](https://www.zoominfo.com/c/mission-newenergy/346542889) struck 89% in Oct, greatest considering that June 2023<br>
+<br>Better credit rates, more powerful diesel demand spurred higher [activity -](https://www.investing.com/equities/mission-newenergy-ltd-company-profile) expert<br>
+<br>NEW YORK, Jan 3 (Reuters) - U.S. eco-friendly diesel and biodiesel producers ramped up operations in October to multi-month highs, helped by stronger margins for the biofuels, according to data put together by advisory group AEGIS Hedging.<br>
+<br>Renewable diesel manufacturers utilized 77% of their overall operable capacity in October, the greatest given that July 2024, the information [revealed](https://pitchbook.com/profiles/company/51278-86). [Biodiesel](https://www.investing.com/equities/mission-newenergy-ltd-company-profile) plant usage rose to 89%, the greatest because June 2023.<br>
+<br>Rising utilization rates and enhancing [margins](https://www.pinterest.com.au/missionnewenergy/) are a welcome relief for the biofuels market, after operators sustained a rough start to 2024 as need development slowed, leaving the market oversupplied and requiring a number of biodiesel plant closures.<br>
+<br>Both eco-friendly diesel and [biodiesel](https://www.investing.com/equities/mission-newenergy-ltd-company-profile) are more expensive to [produce](https://www.marketscreener.com/quote/stock/MISSION-NEWENERGY-LIMITED-178469/company/) than diesel, making [suppliers based](https://www.proactiveinvestors.co.uk/companies/news/159346/mission-newenergy-delivers-maiden-biodiesel-production-to-global-oil-major-24476.html) on government rewards such as tax credits. Among the 2, sustainable diesel has emerged as the [favored fuel](https://www.proactiveinvestors.co.uk/companies/news/159346/mission-newenergy-delivers-maiden-biodiesel-production-to-global-oil-major-24476.html) for suppliers, as it gains better incentives and can substitute diesel completely.<br>
+<br>Total biodiesel production capacity fell 4.2% year-over-year to about 2 billion gallons in October, according to information [released](https://www.sec.gov/Archives/edgar/data/1463471/000165495419013063/R31.htm) by the U.S. Energy Information Administration on Tuesday.<br>
+<br>[Renewable diesel](https://www.bloomberg.com/profile/company/MNELF:US) [output capability](https://www.proactiveinvestors.co.uk/companies/news/159352/mission-newenergy-debt-free-focused-on-biofuel-joint-venture-60797.html) increased nearly 19% year-over-year to 4.58 billion gallons in October, the EIA information showed, as the [majority](https://forest500.org/rankings/companies/mission-newenergy-limited) of new [biofuel plants](https://www.zonebourse.com/cours/action/MISSION-NEWENERGY-LIMITED-8557641/) opened in the previous three years were geared towards it.<br>
+<br>Still, oversupply pushed renewable diesel output [capacity](https://www.zoominfo.com/c/mission-newenergy/346542889) 6% lower in October from a record 4.90 billion gallons in June.<br>
+<br>In addition to plant closures, success for the industry in October was [increased](https://stocktwits.com/symbol/MNEL) primarily by a surge in the worth of credits needed for compliance with federal [biofuel](https://www.crunchbase.com/organization/mission-newenergy) mandates, said Zander Capozzola,  of renewable fuels at AEGIS.<br>
+<br>D4 Renewable Identification Numbers, released for biodiesel and eco-friendly diesel production, increased from a low of 56 cents each in September to over 71 cents in October, enhancing success for making the fuels, Capozzola stated.<br>
+<br>Margins were also assisted by stronger demand for diesel, which struck an [one-year](https://www.nasdaq.com/market-activity/ipos/overview?dealId=804419-65608) high in October, raising rates for both the traditional fuel and its alternatives, he stated.<br>
+<br>Prices for credits under the Low Carbon Fuel Standard program of California, where most biofuels are [consumed](https://www.zoominfo.com/c/mission-newenergy/346542889) in the U.S., also rose from below 60 cents each in Sept to over 70 cents each in October, according to AEGIS.<br>
+<br>"You truly had whatever rowing in the ideal direction in October," Capozzola said. (Reporting by Shariq Khan in New York City