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Commodities

Renewable Fuel Stocks Fall 5.8%, RNG Firms Lead Sector Lower, TPH Energy Says

Renewable fuel equities dropped 5.8% last week, trailing the S&P 500's 0.6% decline, even as crude oil prices moved higher, according to TPH Energy Research in a Monday note.Renewable natural gas stocks led the sector lower, with OPAL Fuels (OPAL) falling 12.6% and Clean Energy Fuels (CLNE) declining 14.7%. TPH Energy also lowered its Q2 outlook for OPAL.Neste lost 2.6% after posting Q2 results that broadly matched market expectations, while Bunge (BG) gained 2% to outperform the renewable fuels group, according to the note.Renewable diesel margins moved in different directions as higher diesel prices offset weaker Renewable Identification Number values. Lower feedstock costs lifted renewable diesel tallow margins by 64 cents per gallon, while corn oil and used cooking oil margins fell 12 cents/gal and 6 cents/gal, respectively.RNG indicators declined by $1 per million British thermal units as weaker D3 RIN prices weighed on the market. Midwest ethanol margins also slipped 4 cents/gal because corn costs increased, the note said.Soybean crushing economics changed little over the week as stronger soybean oil prices balanced higher soybean costs, leaving overall crush margins largely unchanged, according to the note.Notable developments over the last week included US lawmakers introducing legislation to broaden the definition of renewable biomass to include woody materials.Separately, Louis Dreyfus doubled the capacity of its canola crushing plant in Yorkton, Saskatchewan, the note said.Paraguay lowered its biodiesel blending mandate back to 7% from 8% only four days after raising it, while a new 25% tariff took effect on Brazilian tallow exports.Attention now shifts to second-quarter earnings from Bunge and Darling Ingredients (DAR) this week, TPH added.Price: $2.23, Change: $+0.02, Percent Change: +0.68%

$BG$CLNE$DAR$OPAL
Commodities

US-Iran Tensions Lift Renewable Fuel Stocks, RD Margins to Five-Year Highs, TPH Energy Says

Renewed US-Iran tensions lifted renewable fuel stocks 7.1% last week as higher crude prices drove renewable diesel margins higher, TPH Energy said in a Monday note.The renewable fuels sector outperformed the S&P 500's 1.6% decline as rising crude prices boosted sentiment, the note said. OPAL Fuels (OPAL) jumped 22.2%, and Green Plains (GPRE) gained 13.9%, while Aemetis (AMTX) fell 1.9% and Montauk Renewables (MNTK) slipped 2.5%.Higher diesel prices pushed renewable diesel indicators up 37 cents per gallon despite softer D4 Renewable Identification Number credits, the note said. Renewable diesel-corn oil and renewable diesel-white grease margins reached fresh five-year highs.Meanwhile, renewable natural gas margins declined $1 per million British thermal units on weaker D3 Renewable Identification Number credits, while Midwest ethanol margins fell 2 cents per gallon as corn costs increased.US spot and 2026 soybean crush margins rose $10 per ton and $6/ton, respectively, on stronger soybean oil prices, extending the crush margin to another five-year high, the note said.In other developments, BP (BP) recorded a charge tied to its renewables business, Brazil increased its ethanol blend mandate to 32% from 30%, and Gevo doubled its 2026 earnings before interest, taxes, depreciation and amortization outlook to about $60 million, the note said.The note also said Viridi broke ground on a renewable natural gas project in Nebraska, Waste Management unveiled plans for another renewable natural gas project in Colorado, and Neste is scheduled to report second-quarter earnings on Friday.

$AMTX$BP$GPRE$MNTK$OPAL
Commodities

Renewable Fuel Equities Advance as US-Iran Tensions Boost RD Margins, TPH Says

Renewable diesel margins climbed to five-year highs as renewed US-Iran conflict lifted fuel markets, although higher feedstock costs pressured ethanol and soy crush economics, TPH Energy Research strategists said in a Monday note.Renewable fuel stocks gained 3.4% last week, outperforming the S&P 500's 1.2% rise, according to TPH.Green Plains (GPRE) advanced 8.9%, Darling Ingredients (DAR) gained 7.6%, and Bunge Global (BG) added 7.4%, while Aemetis (AMTX) fell 3.0% and Montauk Renewables (MNTK) declined 4.7%, the firm said.Higher diesel prices and stronger D4 Renewable Identification Number values lifted renewable diesel indicators by 34 cents to 75 cents per gallon, with renewable diesel margins based on corn oil and white grease reaching fresh five-year highs, TPH Energy said.A bullish World Agricultural Supply and Demand Estimates report pushed corn and soybean prices higher, reducing Midwest ethanol margins by 10 cents per gallon and soy crush margins by $5 per metric ton.Among renewable fuel companies, only Neste, Clean Energy Fuels (CLNE), Montauk Renewables, OPAL Fuels (OPAL) and Green Plains traded below their respective three-year forward enterprise value-to-earnings before interest, taxes, depreciation and amortization averages, TPH Energy said.Price: $17.60, Change: $+0.70, Percent Change: +4.17%

$AMTX$BG$CLNE$DAR$GPRE$MNTK$OPAL
Commodities

Renewable Fuel Equities Outperform Broader Market Despite Weekly Dip, TPH Energy Says

Second-quarter renewable fuel margins remained stronger than the prior quarter despite mixed weekly trends, while renewable fuel stocks outperformed the broader market, TPH Energy said in a Monday note.Renewable fuel equities slipped an average of 0.1% last week, outperforming the S&P 500's 2.0% decline, TPH said. On the renewable natural gas side, OPAL Fuels (OPAL) gained 14.0%, while Aemetis (AMTX) dropped 12.8%.Green Plains (GPRE) rose 1.8%, although TPH said the stock could have reacted more strongly after the White House urged lawmakers to approve year-round E15 gasoline sales. The company also noted investor interest in Neste, which gained 2.6% despite lower oil prices and the reopening of the Strait of Hormuz.Weekly margin indicators produced mixed results, with renewable diesel margins increasing by 11 cents per gallon to 50 cents/gal, while Midwest ethanol margins fell 2 cents/gal and US soy crush margins declined $2 per ton. Renewable natural gas margins were unchanged, TPH added.Compared with the first quarter, most spot margin indicators strengthened during the second quarter, with renewable diesel margins from soybean oil rising 81 cents/gal, white grease increasing 49 cents/gal, and corn oil gaining 21 cents/gal, TPH said.Midwest ethanol margins improved 31 cents/gal, soy crush margins increased $52 per ton, and renewable natural gas margins rose $1 per million British thermal units from the first quarter, according to TPH Energy.The largest quarter-over-quarter decline came in renewable diesel produced from tallow, where margins fell by 63 cents/gal as feedstock costs increased sharply, the note added.Among last week's industry developments, the US finalized the Regenerative Feedstock Rule, while LanzaTech canceled its 80,000-metric-ton ethanol-to-jet sustainable aviation fuel plant in Wales, TPH said.The report also highlighted Amazon's (AMZN) investment in Brazilian sustainable aviation fuel producer GranBio and noted that China's used cooking oil exports reached an 18-month high as shipments to the US increased, according to TPH Energy.

$AMTX$AMZN$GPRE$OPAL
Commodities

OPAL Fuels, GFL Advance 2 RNG Projects

Opal Fuels (OPAL) and GFL Environmental (GFL) are advancing two renewable natural gas projects in Alabama and Georgia with a combined design capacity of almost 2 trillion British thermal units, the companies said Wednesday.The partners are building the facilities at the Stones Throw Landfill in Alabama's Tallapoosa County and the Grady Road Landfill in Georgia's Polk County, with each company holding a 50% ownership stake.Under the agreement, Opal Fuels will market and distribute all renewable natural gas produced by the facilities through its expanding compressed natural gas and renewable natural gas fueling network, the companies said.Once operational, the projects are expected to supply enough fuel for about 800 Class 8 heavy-duty trucks, providing a lower-cost alternative to diesel while eliminating Scope 1 and Scope 2 emissions from fuel use.The companies said rising diesel price volatility, improving regulatory certainty for combustion engines and the rollout of next-generation natural gas engines are encouraging more trucking fleets to switch fuels."Bringing new RNG production online amid accelerating fleet demand reinforces the strength of our vertically integrated model," Jonathan Maurer, co-chief executive officer of Opal Fuels, said, adding that the projects support long-term revenue growth, margin expansion and shareholder returns.The facilities will use established technology to capture methane produced from decomposing organic waste at both landfills and convert it into renewable natural gas for use as a lower-carbon transportation fuel, the companies said.

$GFL$OPAL
Sectors

Sector Update: Energy Stocks Gain Wednesday Afternoon

Energy stocks gained Wednesday afternoon with the NYSE Energy Sector Index rising 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.8%.The Philadelphia Oil Service Sector Index advanced 0.1%, and the Dow Jones US Utilities Index climbed 0.2%.Crude oil futures rose as Iran struck Gulf nations Kuwait and Bahrain with missiles amid faltering diplomacy with Washington, the Wall Street Journal reported. Kuwait came under a barrage of ballistic missiles and drones on Wednesday that shut its international airport, killed one person, and injured dozens more, the report said.West Texas Intermediate crude oil climbed 2.6% to $96.19 a barrel, and global benchmark Brent rose 2.2% to $98.08 a barrel. Henry Hub natural gas futures increased 2.2% to $3.24 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, fell 16 million barrels in the week ended Friday following a decrease of 12.4 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks declined 8 million barrels after a drop of 3.3 million in the previous week, larger than the 3.1 million fall expected in a survey compiled by Bloomberg.In corporate news, Xcel Energy's (XEL) Colorado utility unit reached a non-unanimous settlement agreement in its electric rate case before the Colorado Public Utilities Commission, and the company reaffirmed its 2026 EPS guidance of $4.04 to $4.16. The stock rose 0.6%.Obsidian Energy (OBE) agreed to acquire Belly River light oil assets in the Wilson Creek area of Willesden Green from Highwood Asset Management for an unadjusted purchase price of 105 million Canadian dollars ($75.8 million). Obsidian shares fell 0.2%.Opal Fuels (OPAL) and GFL Environmental (GFL) said construction is advancing on two renewable natural gas facilities at the Stones Throw Landfill in Alabama and the Grady Road Landfill in Georgia. Opal shares fell 1.1%.

$OBE$OPAL$XEL
Sectors

Sector Update: Energy Stocks Advance Premarket Wednesday

Energy stocks were advancing premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.7% higher.The United States Oil Fund (USO) was up 1.6% and the United States Natural Gas Fund (UNG) was 0.4% lower.Front-month US West Texas Intermediate crude oil was 1.7% higher at $95.38 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.6% to $97.57 per barrel, and natural gas futures were down 0.2% at $3.16 per 1 million British Thermal Units.Obsidian Energy (OBE) stock was up more than 1% after the company said it has agreed to acquire Belly River light oil assets in the Wilson Creek area of Willesden Green from Highwood Asset Management for an unadjusted purchase price of 105 million Canadian dollars ($75.8 million).OPAL Fuels (OPAL) and GFL Environmental (GFL) said construction is advancing on two renewable natural gas facilities at the Stones Throw Landfill in Alabama and the Grady Road Landfill in Georgia. Shares of OPAL Fuels were up more than 2% pre-bell.

$GFL$OBE$OPAL$UNG$USO$XLE

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