NTOIF - Neste Continues To Prove Out The Renewable Diesel Thesis
Neste (NTOIF) is a company we've been interested ever since renewable diesel came on our radar. During COVID-19, despite the nightmare that the oil industry experienced, renewable diesel, which is served into regulated markets where blending requirements are mandated, stood strong, even improving in profitability. The continued depression after the initial shock in oil is still in stark contrast to the path that the renewable diesel is traveling, where Neste's renewable products segment profitability continued to improve in Q2, offsetting the weakness in refinery. Although we believe Darling (DAR) is still a