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Prices of U.S. Biofuels Credits Jump on Supply Worries

Submitted by on June 30, 2016 – 12:36 pmNo Comment

by Chris Prentice and Jessica Resnick-Ault (Reuters)  Prices of U.S. biofuels compliance credits jumped in early trade on Wednesday as worries mounted over potential supplies after Goldman Sachs Group signaled potential tightness next year on higher biofuels use requirements, according to traders.

Prices of the renewable fuel (D6) Renewable Identification Number (RIN) credits traded as high as 93 cents each on Wednesday, up from 87 to 88 cents on Tuesday.

Prices of biodiesel (D4) credits jumped to 95 cents each from as high as 92 cents on Tuesday.

The credits are used by oil refiners and importers to prove they are complying with government mandates for biofuels use.

Goldman Sachs analysts forecast in a note on Wednesday a “substantial tightening in the RIN markets” and stocks of renewable fuel and biomass-based diesel RINs are drawn down.  READ MORE and MORE

 

Excerpt from Wednesday update:  U.S. biofuels credits hit near three-year highs on Wednesday after Goldman Sachs Group warned supplies could more than halve by the end of 2017, in what could mark the return of prolonged wild prices in the niche market for the first time in years.

Traders raced to buy credits, giving the thinly traded and opaque market a sudden midmorning jolt, as traders circulated a note from the influential bank that forecast prices will rise as demand increases due to the more “ambitious” targets for biofuels use proposed by the U.S. Environmental Protection Agency (EPA) in May. READ MORE

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