The value of 2013 D6 Renewable Identification Numbers edged 1.5 cents higher early Tuesday to 19.5 cents after falling Friday and holding steady Monday. RINs were pressured Friday after the Environmental Protection Agency proposed to cut the Renewable Fuel Standard's 2014 target, triggering a selloff in the credit.
Now, RIN values are starting to recover, inching up along with higher spot ethanol prices despite a forecast the Energy Information Administration's data due out Nov. 20 would show increased production by U.S. plants and higher total ethanol inventories for the week-ended Nov. 15. A trader said the RIN market was oversold.
George Orwel can be reached at firstname.lastname@example.org
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