The renewable credits market gained 4 cents in early afternoon trade Friday following trades for 2013 D6 Renewable Identification Numbers at 66 cents, 68 cents, 69 cents and last at 70 cents, rebounding from recent losses ahead of the weekend.
A broker said the "market doesn't know what to do with EPA announcement and EIA bearish (supply) number." Since Aug. 6, when the Environmental Protection Agency announced flexibility in meeting the U.S. renewable fuel mandate for 2013, 2013 RINs have been on a rollercoaster ride, though values have dropped more than 30% from $1.04 late on Aug. 5.
"RIN values are just going from sideways to lower," said the broker. "RINs trade volumes are higher than ethanol."
George Orwel can be reached at email@example.com.
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