Platts European SAF Weekly Commentary
Senior Editor
S&P Global Energy
EN Sustainable aviation fuel
SAF prices edge higher
Lunar New Year pauses SAF exports
ERA voices concern over tight reporting deadlines
Sustainable aviation fuel prices in Northwest Europe edged higher in the week to Feb. 18, as Chinese SAF exports were temporarily paused due to the Lunar New Year holiday.
Platts assessed the SAF FOB FARAG premium to Jet barges up $21/mt, or 1.6%, in the week to Feb. 18, closing at $1,370/mt. Outright levels similarly rose $33.50/mt to $2,174.25/mt.
Several market participants report that in light of the Lunar New Year, SAF exports have temporarily halted; however, sources were not overly concerned, as the availability of SPK molecules in the ARA hub remains strong.
“Lunar New Year is definitely having an effect on Asian activity now,” a European biofuels consultant said. “SAF is depressed, no real buying interest, while Hydrotreated Vegetable Oil (HVO) has been picking up again on the back of Germany.”
“The spot market is slow, so it should not affect the market too much," a fuel supply manager added.
For European HEFA refiners, a jump in HVO prices has only widened the HVO/SAF spread, offsetting any rise in the SAF price.
“HVO is still the most profitable business at the moment. Margins are simply better for most of the European producers,” a bio analyst said.
Airlines rushed to process SAF documentation
Market participants continue to voice their concerns over the tight timeline for SAF documentation under the EU mandate, warning that delayed certification from fuel suppliers could jeopardize airlines’ ability to comply and access financial support.
The European Regions Airline Association (ERA) issued a statement Feb. 17, stating that the Feb. 14 deadline for suppliers to provide SAF documentation to aircraft operators had created operational and compliance challenges for regional carriers across Europe.
A fuel supply manager for a European airline said that they, along with many other airlines, are extremely busy over this period. “It’s a challenge for sure, everything needs to happen within a month or so,” the manager said.
Gaps or delays in certification risk undermining carriers’ ability to meet regulatory requirements and secure ETS-related financial support, ERA said.
“ERA members have acted in good faith and are fully committed to meeting their environmental obligations,” said Montserrat Barriga, director general of ERA.
“But without timely, accurate and harmonized documentation from fuel suppliers, airlines face a direct barrier between compliance and the financial support that makes SAF uptake possible," Barriga said. "The ETS allowances reserved for SAF are not a bonus; they are essential to help close the price gap. This first year of implementation is a real test for the entire SAF system.”
The association called on authorities to ensure the provision of complete and standardized SAF documentation, as well as greater alignment of reporting metrics and units across suppliers and EU member states.
Market News:
Neste and World Fuel Services have extended their long-standing relationship with a new five-year agreement to expand the availability of sustainable aviation fuel at more than 100 airports across the UK and Europe, Neste said in a press release Feb. 17.
Under the agreement, Neste will supply SAF through World Fuel’s aviation distribution network, providing commercial, business and general aviation customers with access to renewable jet fuel as regional blending mandates take effect.
UK's Heathrow Airport said Feb. 13 that it will target sustainable aviation fuel use equivalent to 5.6% of total jet fuel uplift in 2026, going 2 percentage points above the government’s 3.6% mandate, as the airport expands its financial incentive scheme to airlines.
The airport will make more than GBP80 million ($100 million) available to airlines in 2026 to help bridge the cost gap between conventional kerosene and SAF, aiming to improve commercial viability and stimulate higher voluntary uptake beyond regulatory requirements.
If achieved, the 5.6% target would equate to around 350,000 mt of SAF uplifted at Heathrow in 2026. Of that, roughly 124,000 mt would represent volumes above the mandated level.
Learn more about the UK HEFA SAF Certificate Assessments (Launching 27 April)
Learn more S&P Global Energy’s Platts Assessments Methodology.
Platts is a part of S&P Global Energy.
Would you like to learn more?
© 2026 by S&P Global Energy, a division of S&P Global Inc. All rights reserved.
S&P Global, the S&P Global logo, S&P Global Energy, Platts, and Fertecon are trademarks of S&P Global Inc. Permission for any commercial use of these trademarks must be obtained in writing from S&P Global Inc.
You may view or otherwise use the information, prices, indices, assessments, content, analysis and other related information, graphs, tables and images (collectively, “Data”) in this report only for your personal and internal use or, if you or your company has a license for the Data from S&P Global Energy (“SPGE”) and you are an authorized user, for your company’s internal business use only. You may not publish, reproduce, extract, distribute, retransmit, resell, create any derivative work from and/or otherwise provide access to the Data or any portion thereof to any person (either within or outside your company, including as part of or via any internal electronic system or intranet), firm or entity, including any subsidiary, parent, or other entity that is affiliated with your company, without SPGE’s prior written consent or as otherwise authorized under license from SPGE. Any use or distribution of the Data beyond the express uses authorized in this paragraph is subject to the payment of additional fees to SPGE.
SPGE, its affiliates and all of their third-party licensors (i) disclaim any and all warranties, express or implied, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use as to the Data, or the results obtained by its use or as to the performance thereof; (ii) do not guarantee the adequacy, accuracy, timeliness and/or completeness of the Data or any component thereof or any communications (whether written, oral, electronic or other format), with respect thereto, and (iii) shall not be subject to any damages or liability, including but not limited to any indirect, special, incidental, punitive or consequential damages (including but not limited to, loss of profits, trading losses and loss of goodwill).
Data in this report includes independent and verifiable data collected from actual market participants. Users of the Data should not rely on any information and/or assessment contained therein in making any investment, trading, risk management or other decision.
ICE index data and NYMEX futures data used herein are provided under SPGE’s commercial licensing agreements with ICE and with NYMEX. You acknowledge that the ICE index data and NYMEX futures data herein are confidential and are proprietary trade secrets and data of ICE and NYMEX or its licensors/suppliers, and you shall use best efforts to prevent the unauthorized publication, disclosure or copying of the ICE index data and/or NYMEX futures data.
The Data in this report contains the results of SPGE’s independent research and analysis and is intended for general informational purposes only. The Data is not intended, and may not be used, to promote, directly or indirectly, the supply or use of any product or business interest, including, but not limited to, the benefits of any product, business, or business activity for protecting or restoring the environment or mitigating the causes or effects of climate change. No Data or opinions contained herein constitute a representation to the public with respect to the benefits of any product, business or business activity, and should not be relied on as a recommendation for any specific action to be taken.
Any queries or requests pursuant to this notice should be addressed to SPGE via email at Legalnotices.energy@spglobal.com