Interest in the California LCFS market remained slow on Thursday, with a scarcity of fresh bids and offers shown. Indicative bids hovered around $95, while offer indications sat in a range between $100 and $110. PRIMA’s California LCFS index finished again at $97.50 in the wake of almost 30kt of deals done earlier this week.
In August, California reported 16.42 mn gal of ethanol production, down nearly 400,000 gal from July. So far this year through August, 132.09 mn gal of ethanol has been reported produced in-state, with the utilization rate of California plants sitting at an average of 79.25% for the month.
In the wider national ethanol market, Thursday’s EIA report showed another rise in ethanol production, up 1.3% MoM to 982Mbbl/d. Stocks also climbed by 0.4% from a week ago to 80Mbbl/d. D5/D6 RIN spreads rebounded from last week to levels last seen at the end of October, nudging to 17.5 cents/gal, leaving the five day average sitting at 16.30 cents/gal.