Cores says Spanish biodiesel demand up in February

Cores says Spanish biodiesel demand up in February

Barcelona, 13 April (Argus) — Spanish biodiesel demand rose on the year in February, according to state-controlled strategic reserve Cores.

Spain consumed close to 110,000t of biodiesel and hydrotreated vegetable oil (HVO) in February, flat on the month, up by 8pc on the year, but below the 135,000t consumed in February 2020. The year-on-year growth rate was half that of Spanish diesel demand, which rose by 16pc on the year to 1.78mn t (475,000 b/d), according to Cores.

Cores' members are made up of integrated Repsol, BP and refiner Cepsa, plus biodiesel producers, distributors and blenders.

Storage firms on the Mediterranean coast are reporting strong regional demand for biofuels, reflected in record throughput at the start of this year at the northeastern port of Barcelona.

Cores posted some minor revisions to its 2021 data, with biodiesel and HVO demand at 1.36mn t, down from a slightly higher number in previous estimates. This leaves the 2021 biodiesel target around 1mn t short. In 2020, the target was around 400,000t short, but producers and traders said this could be accounted for by double-counted biodiesel and HVO made from either used cooking oil (Ucome) or animal fats (TME).

Market participants do not believe Spain was below its target