SAF is already priced.
The spread is not.
Platts, Fastmarkets, BNEF and EASA all publish SAF prices. Nobody publishes the relationships between them — what the market pays over the cost of making the fuel, what the mandate is worth per tonne, what a buyer loses by not naming a basis. That is what this index publishes.
Published spreads
Every leg, and who published it
| Observation | Assessor | Basis | Value | Observed | Type | |
|---|---|---|---|---|---|---|
| HEFA SAF, CIF Northwest Europe | Platts | CIF NWE | 2,922.75 USD/t | 2026-09-23 | published | primary source |
| HEFA SAF, FOB ARA-Ghent | Platts | FOB ARA-Ghent | 2,908.00 USD/t | 2026-09-23 | published | primary source |
| HEFA SAF, FOB Singapore | Platts | FOB Singapore | 2,465.00 USD/t | 2026-09-23 | published | primary source |
| HEFA SAF, California (converted from 1,066.137 c/gal) | Platts | California | 3,706.00 USD/t | 2026-09-23 | published | primary source |
| Jet fuel cargoes, CIF Northwest Europe (equivalent basis) | Platts | CIF NWE | 1,576.00 USD/t | 2026-09-23 | published | primary source |
| HEFA SAF base production cost, SAF-max refinery, ex-works Netherlands | Fastmarkets | Ex-works NL | 2,430.00 USD/t | 2026-09-18 | published | secondary source |
| HEFA SAF base production cost, 2026 low | Fastmarkets | Ex-works NL | 1,902.00 USD/t | 2026-03-13 | published | secondary source |
| SAF spot indication, 2026 high (week to 20 March) | Fastmarkets | Spot | 3,500.00 USD/t | 2026-03-20 | published | primary source |
| SAF spot indication, early July (low end of range) | Fastmarkets | Spot | 2,500.00 USD/t | 2026-07-03 | published | primary source |
| Northwest Europe SAF price, forecast annual average | BloombergNEF | NWE | 2,746.00 USD/t | 2026-09-01 | forecast | primary source |
| European HEFA-SAF market reference | EASA | Europe reference | 2,085.00 EUR/t | 2026-01-01 | reference | secondary source |
Spread arithmetic
spread = a − b pct = (a − b) / b × 100 traded over cost 2,922.75 − 2,430.00 = +492.75 SAF over jet 2,922.75 − 1,576.00 = +1,346.75 CIF over FOB 2,922.75 − 2,908.00 = +14.75 Europe over Asia 2,908.00 − 2,465.00 = +443.00 California over Europe 3,706.00 − 2,908.00 = +798.00
What this is
A reconciliation. Every number on this page is arithmetic performed on published assessments, and every leg is named with its assessor, basis and date so a reader can check it in a browser tab.
What this is not
Not a price assessment. We do not run a pricing panel, we do not take bids and offers, and we do not claim to know what traded. Where Platts, Fastmarkets, BNEF or EASA have published, we cite them and derive. Where they have not, we withhold.
The buyer
Obligated fuel suppliers
ReFuelEU Aviation puts the SAF obligation on fuel producers, not airlines. A supplier that must deliver 2% SAF in 2026, rising to 6% by 2030, carries basis risk on every tonne. The spread between what it pays and what it can recover is its margin.
Lenders and lessors
A SAF offtake is underwritten on netback. The gap between the traded price and the production cost is the revenue a plant can actually finance — and it is not the same number as the headline price.
Airlines and corporate offtakers
DHL bought 185,000 tonnes in 2025, 97% through voluntary agreements. The same molecule clears at two to three times the voluntary price on the compliance side, sometimes at the same airport and from the same supplier. Naming a basis is worth more than negotiating a discount.
Producers choosing a product slate
HEFA units can make SAF or renewable diesel. Neste reported the SAF–HVO spread moving from positive to negative within one quarter. A producer with flexibility needs the spread, not the level.