Renewable identification numbers (RINs) have had a turbulent year. Prices have fallen more rapidly than the soybean oil/heating oil (BOHO or HOBO) spread during the first quarter of 2024, showing a disconnect with the BOHO due to the large volume of RINs generated.
RIN prices may have bottomed out during the second quarter and seemed to become more structurally sound in relation to the BOHO spread. Sources have noted that RIN prices are pressing higher moving into the third quarter, likely due to market uncertainty and the transition from the blenders tax credit (BTC) to the Clean Fuel Production Credit (CFPC).
David Lamp, chief executive officer of CVR Energy, noted during the company’s earnings call that the “HOBO spread weakened slightly from the first quarter of 2024 with lower diesel prices, and the D4 RINs remain depressed as a result of [the Environmental Protection Agency’s] continued mismanagement of the [Renewable Fuel Standard] program.”
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