U.S. RIN prices plunge after EPA delays biofuel compliance deadline

RegulationCommodity
โดย Seeking Alpha·US·Read original
Summary · why it matters

U.S. ethanol blending credit prices plunged Monday to their lowest levels in more than four months after the Environmental Protection Agency extended a September 1 compliance deadline for refiners and ruled on long-pending small refinery exemption requests by the end of August. Conventional ethanol RINs traded as low as $1.75, down $0.34 from Friday and their lowest level since April 15, according to data from Argus Media, after the credits had traded as high as $2.50 on July 7. RIN prices lost substantial value again during Monday's session in response to the EPA's impending small refinery exemption decisions, after falling 5% on Friday. Market participants expect the EPA's rulings to free up a significant number of credits, with refining and ethanol industry analysts estimating that the exemptions could free up 1.2 billion to 1.8 billion RINs that small refiners could use to meet their 2025 compliance obligations, after the EPA had previously indicated it could reallocate 990 million RINs associated with exemptions. Extending the compliance deadline is seen as signaling some form of RIN relief for refiners' 2026 and 2027 obligations as well, University of Illinois agricultural economist Scott Irwin told Reuters.

Impact on stocks 14

Synthetic Biology (non-pharma)± Mixed · 10 stocks
HF Sinclair Corp
DINO
▲ PositiveRegulationrelevance

EPA's compliance deadline extension and exemption rulings provide RIN relief for refiners like HF Sinclair, lowering compliance costs.

Archer-Daniels-Midland Company
ADM
▼ NegativeRegulationrelevance

EPA's delay and exemption rulings lower RIN prices, reducing demand for ethanol and pressuring ADM's ethanol margins.

Bunge Global SA
BG
▼ NegativeRegulationrelevance

Lower RIN prices and extended compliance deadline reduce ethanol demand, negatively impacting Bunge's ethanol business.

Darling Ingredients Inc
DAR
▼ NegativeRegulationrelevance

Lower RIN prices and exemptions reduce demand for renewable diesel feedstocks, hurting Darling's rendering and biofuel segments.

Marathon Petroleum Corp
MPC
▼ NegativeRegulationrelevance

Marathon Petroleum, as a refiner, benefits from lower RIN compliance costs, but the news is negative for its ethanol operations.

Phillips 66
PSX
▲ PositiveRegulationrelevance

EPA extends compliance deadline and rules on exemptions, easing RIN obligations for refiners.

Valero Energy Corporation
VLO
▲ PositiveRegulationrelevance

EPA extends compliance deadline and rules on exemptions, easing RIN obligations for refiners.

FutureFuel Corp
FF
▼ NegativeRegulationrelevance

FutureFuel, as a refiner, benefits from lower RIN prices due to EPA's actions, but the news is negative for its ethanol segment.

Gevo Inc
GEVO
▼ NegativeRegulationrelevance

Gevo, an ethanol producer, faces lower RIN prices, reducing revenue from RIN credits.

Energy± Mixed · 3 stocks
Delek US Energy Inc
DK
▼ NegativeRegulationrelevance

EPA's compliance deadline extension and small refinery exemptions reduce RIN demand, lowering compliance costs for refiners like Delek.

PBF Energy Inc
PBF
▲ PositiveRegulationrelevance

EPA extends compliance deadline and rules on exemptions, easing RIN obligations for refiners.

Energy Transition & Power Demand▼ · 1 stocks
Clean Energy Fuels Corp
CLNE
▼ NegativeRegulationrelevance

RIN price plunge signals weaker biofuel compliance demand, potentially reducing demand for renewable natural gas credits.

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