EPA RIN Market Data Poor: CFTC Can’t Draw Conclusion on RIN Market Based on EPA Data Provided
by Chris Clayton (DTN The Progressive Farmer) The chairman of the Commodity Futures Trading Commission told senators Thursday the Environmental Protection Agency hasn’t been able to provide the CFTC with enough quality data on the biofuels trading market for CFTC regulators to properly analyze the market.
Chris Giancarlo, who took over as CFTC chairman last August, testified before the Senate Agriculture Committee in Washington, D.C., about some of the current challenges in the commodity futures market. Biofuels, cryptocurrencies, convergence and the European Union were among the main themes throughout the hearing.
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Both the oil industry and biofuels industry have claimed speculation and manipulation affect the volatility of RIN prices.
Looking at EPA’s data, CFTC officials haven’t found any obvious manipulation in the RIN market, but EPA’s data on the RIN market is not up to market standards either, Giancarlo said.
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“We agreed we’re going to put our best economists on taking a look at this, and they are going to be meeting in the next few weeks,” Giancarlo said. READ MORE