Commodity traders and investment companies are boosting their US renewable fuel trading desks due to soaring demand in the sector, Reuters reported on 21 June.
Many trading firms already had an established presence in Europe, but the production of advanced biofuels that acted as petroleum fuel substitutes had driven hiring in the USA in recent months, sources were quoted by Reuters as saying.
Renewable fuels accounted for roughly 12% of US energy consumption, according to government data, and were growing every year, the report said.
In April, hedge fund Citadel had entered the US renewable fuels trading sector, a source close to the company was quoted as saying.
In the same month, commodities trader Gunvor had hired Shane Foster in its renewable energy division based in New York, according to his LinkedIn profile, Reuters said.
Gunvor was already active in some US renewables markets such as biodiesel and feedstocks and the company was actively seeking to expand across the renewables supply chain, three of the sources were reported to have said.
Another trader Trafigura was looking to hire traders specialising in renewable natural gas, renewable diesel and feedstocks, a source with direct knowledge of the matter reportedly said.
Trafigura, Citadel and Gunvor had declined to comment when contacted by Reuters.