Weekly LCFS Credit Volume Falls 63% Following Quarterly Close
Weekly LCFS credit volume slowed last week as market participants squared positions following the June 30 quarterly close. Two weeks ago, volume reached the third highest on record for a one-week period. However, following the quarterly close, volume is expected to taper off until late August/early September. The California Air Resources Board will release Q1 2023 program data July 31.
2023 credit volume is 3.76 million above 2022 volume but generating $862 million less in revenue. The average 2023 credit price of $76.40 is 59 percent below the 2022 average of $121.10. This leaves the program in the odd, yet somewhat familiar position, of increasing transactions and falling revenue. If this trend continues, it will be for the second consecutive year.
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