2013 D6 ethanol tradable compliance credits known as Renewable Identification Numbers rode the crest of a rollercoaster ride Monday reaching a peak price of $1.10, then spiraled down the tracks to a low of 60.0 cents Tuesday only to retrace back to the 80.0 cents level by the end of the day. This morning, 2013 D6 RINs were trading between 75.0 cents and 77.0 cents.
"The rally to $1.10 was pure short covering," commented Jarrod Kitt, strategist for the Linn group, Chicago, Illinois. "RINs are fairly valued at the moment." He added that ethanol RINs are in "uncharted territory" and could continue to climb with resistance at the $2 level, similar to biodiesel RINs in 2011.
Myke Feinman can be reached at email@example.com
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