Prices for D6 Renewable Identification Numbers pared early gains but still rose 3.0 cents on the session through Wednesday afternoon as the Trump administration indefinitely delayed proposed changes to the Renewable Fuel Standard, including allowing refiners to claim RINs for exported renewable fuel after backlash from Iowa's U.S. Sens. Charles Grassley and Joni Ernst.
"Granting RVP relief for E15 in exchange with export RIN credits for refiners would have unquestionably been a loss for rural America and consumers because the benefits of selling E15 year-round would have been wiped out by export RINs," said American Coalition for Ethanol CEO Brian Jennings.
Jennings furthered that while President Donald Trump has promised to allow for year-round use of E15, this has yet to happen.
"Meanwhile, EPA's misuse of the RFS has resulted in at least 1.5 billion gallons of ethanol demand destruction through small refinery waivers which have driven RIN values down more than 70% this year," continued Jennings.
After sliding at the start of the week to the lowest level since mid-November 2013 on expected action, 2018 D6 RINs values today traded from 23.0 cents to 30.0 cents gallon. Last pegged at 23.0 cents, the price rose 3.0 cents on the day.
Dawn Gallagher can be reached at email@example.com
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