kerosene) - delivered in California, US by railcar or barge, and conventional jet fuel (kerosene) delivered by pipeline in Los Angeles, Calfornia. “Spread"” = difference between prices for neat SAF and jet kerosene, also known as the “green premium". "Credit inclusive” means that the graph takes into consideration tax incentives provided by the Low Carbon Fuels Standard (LCFS). of the year, exacerbated by lower-than-usual jet fuel increasing market prices in late 2025. IATA claimed "compliance fees" that artificially inflated prices.153 constraints and trade disruptions. In addition, as prices to continue easing during 2026.154 Reasons greater SAF availability, including from China after refineries underwent maintenance, SAF prices Nevertheless, price volatility remains and many According to S&P Global Energy Platts, it is likely that a combination of all these factors, alongside current year. This is one of the challenges often supply-demand dynamics, have contributed to SAF raised by SAF offtakers, especially corporate price volatility. US policy uncertainty around 45Z buyers, who struggle to navigate future prices as credits after the new US government took over, as well as the launch of European SAF mandates, likely