HBE Replacement: UCOME Biodiesel Barge FOB ARA

This calculation represents a theoretical blend replacement value for Netherlands HBEs based on daily cash spot and forward swap assessments for used cooking oil methyl ester (UCOME) biodiesel barges FOB ARA, incorporating currency exchange moves and changes to downstream ultra low sulfur diesel (ULSD) prices. It does not include logistics or transactional costs, which can be highly variable, and so is not intended to represent any individual market participant's HBE generation cost, but provides a useful indicator of the direction and magnitude of daily changes and the trend in replacement costs over time.