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LCFS credits rangebound as focus stays on late Sep reconfirmation

California LCFS credits stood still at $64 on Friday, in line with the levels seen during the past several trading sessions. Buy side indications again sat in a steady range between $60 and $63. Interest at the margin on the sell side remained at $65, the same level seen on Thursday. Some participants expect the market to hover around similar levels until CARB makes a final decision on reconfirming the LCFS program on September 24. RINs prices continued to slide Friday meanwhile, reflecting strong production and high levels of RIN generating imports. D4s reached a new low of 39 cents not seen since December 2014, a 57% loss of value over the past three months. US producers generated 1.52 billion D4 RINS up to the end of July. Continued at the same rate, D4 RIN generation will outstrip the proposed mandate by 100 million RINS by year-end. Line-ups suggest imports worth 95.22 million D4 RINs were shipped to the US from Argentina in August.

 

sep 11 graph

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