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Portuguese March ethanol sales up 48% on year, biodiesel up 3.3%

London (Platts)--4 Jun 2018 754 am EDT/1154 GMT


Portuguese March ethanol consumption rose 48% year on year to 566 mt, which was down 9.4% from February, energy ministry data showed Monday.

That came as as biodiesel consumption grew 3.3% year on year to 26,172 mt, which was up 37% from February.

The rise in biodiesel sales came as diesel sales 0.8% year on year to 375,452 mt, however like biodiesel, it rose faster on the month, up 10%.

That resulted in a higher blending rate of 7.0% on a volumetric basis, from 6.8% in March 2017, and up from 5.6% in February.

Ethanol sales diverged from gasoline both on the month and on the year, as gasoline sales rose 12.5% from February, but fell 2.6% on the year to 83,027 mt.

As such, the ethanol blending rate rose on the year, to 0.7% on a volumetric basis from 0.45%, which was still below the 0.85% in February.

The falling ethanol incorporation rate came despite an unchanged Portuguese mandate at the start of 2018, of 9% on a volumetric basis. The mandate includes a minimum blending mandate for ethanol of 2.5%.

The uptick in both biodiesel and ethanol prices came as prices fell across Europe in March to Eur443.07/cu m ($517.11/cu m) from Eur588.90/cu m in March 2017, a fall of 21% on increased supply and a build of stocks in the Amsterdam-Rotterdam-Antwerp region following the culmination of the sugar beet campaign.

Biodiesel has also seen growing length in the market, with imports from Argentina dominating the scene in the first quarter, leaving prices significantly lower.

That left the FAME 0 average outright price for March at $791.70/mt FOB ARA, down 115 from March 2017.

Date Gasoline YoY% Ethanol YoY% Diesel YoY% Biodiesel YoY% Mar-18 83,027 -2.6 566 48.2 375,452 0.8 25,737 3.3 Feb-18 73,782 1.0 625 94.7 340,366 5.9 18,636 -9.8 Jan-18 77,606 0.0 512 6.6 346,932 3.4 18,795 -8.9 Dec-17 87,040 9.0 520 -86.7 377,225 4.5 10,984 -62.7 Nov-17 80,301 -3.4 401 -86.7 366,557 1.7 23,030 -1.1 Oct-17 84,681 -0.6 411 -86.2 368,682 1.6 23,833 5.3 Sep-17 87,759 -2.0 341 -88.4 385,568 3.6 25,528 -3.4 Aug-17 101,427 -4.2 399 -89.6 407,321 0.6 25,819 -1.9 Jul-17 94,996 -2.3 314 -91.4 394,240 4.4 27,304 34.8 Jun-17 88,874 0.4 363 -88.9 382,251 5.3 28,145 35.3 May-17 88,738 1.7 602 -74.1 390,115 6.7 27,508 16.5 Apr-17 81,369 -5.9 344 -87.3 339,984 -5.4 25,414 19.2 Mar-17 85,231 -4.7 382 -78.4 372,644 1.7 25,340 11.3 --George Griffiths, george.griffiths@spglobal.com

--Edited by Dan Lalor, daniel.lalor@spglobal.com




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