SAF Industry at a Glance
Americas | April 2026
The key SAF market developments in April 2026 include:
Crude oil pricing peaked at the beginning of April and then softened. Pricing is still significantly higher than expected due to the conflict in the Middle East as analysts at the end of last year were expecting prices to be in the low $50s/barrel.
The US – Iran ceasefire has been extended in hopes that a deal can be made which will end the conflict in the Middle East. The US is keeping its blockade of the Strait of Hormuz intact while negotiations continue, which is putting pressure on crude oil transport, particularly to Asian markets.
Jet pricing increased drastically for the month of March following crude oil and other petroleum pricing. For the month of March, the EIA reported average jet fuel prices at almost $3.70/gal, which represents over 60% increase from the February averages. SAF margins increased significantly across the board with this increase in jet pricing as feedstock pricing did not see as drastic of increases. Ethanol has been the slowest to increase and EtJ margins are hovering around $2/gal. HEFA margins are trending around $2.85/gal in the latest estimate.
US SAF premiums are holding steady following the incentive reductions in 2026. Producers and purchasers are still waiting to see how incentive updates affect the market in the US, plus the conflict in the Middle East has put strain on all petroleum products, including jet fuel. This adds to the uncertainty of SAF pricing as contract and spot pricing is typically linked to jet fuel prices.
Gevo Inc. announced the withdrawal of its loan guarantee financing application with the USDOE Office of Energy Dominance Financing (EDF). The company said it is developing other funding opportunities to meet its goal of financing the AtJ-30 plant facility by the end of 2026. The company stated that the EDF’s business objectives required the project to support enhanced oil recovery (EOR) which Gevo does not believe is commercially viable at scale currently.
Boston-based climate technology company Sora Fuel announced the successful closing of $14.6m round to scale their air-to-jet fuel technology. Sora’s technology system claims to capture CO2 directly from ambient air and convert it into syngas in a single, integrated step while co-producing hydrogen. The system bypasses energy-intensive sorbent regeneration, which accounts for over 90% of the cost and capital of conventional direct-air-capture (DAC).