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PRIMA California LCFS Index holds in $70s

California LCFS credit discussions slowed on Wednesday, leaving PRIMA California LCFS Index fair value little changed from Tuesday at $75.50. Sell side indications ranged between $77-80 with marginal bids stepping up to $73. US low CI corn oil based biodiesel and low CI renewable diesels received a boost Wednesday after Brazil’s Petrobras hiked domestic gasoline rack prices, sending domestic ethanol offers 6 cents/gal higher in anticipation of increased discretionary demand for hydrous fuel ethanol and slamming the door on the immediate prospect of sugarcane ethanol shipping to the US . Brazilian ethanol prices have until recently been falling, triggering a surge  in domestic hydrous sales as well as attracting substantial overseas buying interest. EIA meanwhile reported a July stumble in US biodiesel production, which fell by 1mn gal from 121 mn gal, leaving total YtD production at 594mn gal so far this year, down 12% YoY. US producers suffered a double whammy of strong biodiesel imports and faltering margins in July, with monthly D4 RIN generation conversely still strong.

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