Name: Surging RIN prices and an uncertain future
Brand: Wood Mackenzie
SKU: 136478
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Author: Wood Mackenzie

Insight 27 April 2021

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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The United States Renewable Fuel Standard (RFS) has garnered more headlines in 2021 than any year since 2013 when the program was at a pivotal crossroads for the future of biofuels blending. RIN prices are at record highs as biofuel feedstock costs have surged and legislative uncertainty clouds the program's future outlook for refiners. Even though a Supreme Court ruling later this year could send shock waves through the biofuels and refining industries, the EPA's new direction on Small Refinery Exemptions (SREs) gives us a road map for the future.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle font-semibold">
        Introduction
    </li>

<li class="list__item-toggle font-semibold">
        How does the RFS program work?
    </li>

<li class="list__item-toggle font-semibold">
        Why did all RIN prices drop from 2018 to 2020?
    </li>

<li class="list__item-toggle font-semibold">
        Court ruling reverses the slide
    </li>

<li class="list__item-toggle font-semibold">
        High RIN costs are distorting arbitrage pricing
    </li>

<li class="list__item-toggle font-semibold">
        Expect many unanswered questions to be resolved in 2021
    </li>

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<h3 class="alpha push-half--bottom">Tables and charts</h3>

<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">Table 1: EPA RFS biofuel blending mandate 2020</li><li class="list__item push-quarter--bottom">Figure 1: EPA RIN Schematic</li><li class="list__item push-quarter--bottom">Figure 2: Annual RINs generated by type</li>
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            <li class="list__item push-quarter--bottom">Figure 3: RIN and RVO pricing (2016-present)</li><li class="list__item push-quarter--bottom">Figure 4: Conventional RIN and corn pricing (2014-present)</li><li class="list__item push-quarter--bottom">Figure 5: Corn and soybean pricing (2019-present)</li><li class="list__item push-quarter--bottom">Figure 6: US Gulf Coast FOB cargo vs Northwest Europe FOB cargo price (US$/bbl)</li>
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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
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<p class="font-regular" >Surging RIN prices and an uncertain future</p>
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