Vegetable oil prices steady despite 12-year crude oil low

February 7, 2016 |

In Germany, UFOP relates that the January dive of New York crude oil prices widened the gap with prices of palm and soybean oil even further.

In looking at the trends, UFOP commented: “Global surplus put strong downward pressure on crude oil prices on the futures market. Positive stimuli usually only had a short-term effect. Although prices on the NYMEX temporarily surpassed the mark of USD 30 per barrel at the end of January 2016, they remained at the lowest level in 12 years. According to Agrarmarkt Informations-Gesellschaft mbH (AMI), palm oil prices continued to benefit from fears of reduced crop yields in Southeast Asia in the wake of the El Niño phenomenon. Soybean oil prices in Chicago also recorded gains based on firm feedstock prices.”

UFOP-020816

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Category: Fuels

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