Renewable Identification Numbers traded higher on rumors of a meeting between Sen. Chuck Grassley and Scott Pruitt, administrator of the U.S. Environmental Protection Agency, over the Renewable Fuel Standard.
Reports said President Donald Trump asked Pruitt to schedule a meeting with Grassley on Friday to discuss the federal program. A market source said Tuesday afternoon that the two met on Monday.
Grassley is one of the 38 farm-state senators who have written to the Trump administration over their concerns about the future of the RFS. Grassley was upset when EPA recently raised the idea of cutting the required levels of advanced biofuels for 2018.
EPA also indicated it might allow RINs to be attached to exported corn-based ethanol, which means counting exports of corn-based ethanol towards meeting the RFS requirement.
Today's speculation boosted RIN values, with 2017 D6 conventional renewable RINs traded last at 79.0 cents and 80.0 cents, up 2.0 cents. The 2017 D4 biomass-based diesel RINs traded at 98.0 cents, up 3.0 cents on the session.
George Orwel can be reached at firstname.lastname@example.org
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