Renewable Identification Number (RIN) values moved higher across the board on
Monday in the wake of Friday's appeals court ruling that ordered EPA to vacate
three small-refinery exemptions (SRE) granted for the 2016 RFS compliance year.

Ethanol-related D6 RINs for 2020 began Monday with trades reported at
17.25cts/RIN and 17.5cts/RIN before trading heavily at 17.75cts/RIN for the
remainder of the day. D6 RINs for 2019 traded heavy from the get-go at reported
values of 11cts/RIN and 10.75ctsRIN, peaking with a cluster of midday trades
reported at 11.25cts/RIN. D6 RINs for 2018 saw more activity than in previous
days, with three trades reported at 9.5cts/RIN.

OPIS assessed ethanol-related D6 RINs for 2020 on Monday at 17.5cts/RIN, up
1.875cts on the day. The 2019 D6 assessment rose to 10.875cts/RIN, up 2cts from
Friday, and the D6 2018 assessment rose 2cts on the day as well, coming in at
9.5cts/RIN.

Elsewhere, biomass-based diesel D4 2020 RINs reportedly traded at 44cts/RIN on
Monday morning with values topping out at 44.5cts/RIN and 45cts/RIN in the
afternoon. Previous-year D4 RINs saw less activity, reportedly opening with
trades at 46.75cts/RIN and climbing to 48.5cts/RIN by the end of the day. No
activity was reported for D4 2018 RINs.

The OPIS assessment for biomass-based diesel D4 RINs for 2020 on Monday rose
3.25cts on the day to reach 44.5cts/RIN. D4 RINs for 2019 were assessed at
47.625cts/RIN, gaining 4.625cts on the day. The 2018 D4 assessment was
41cts/RIN, up 2cts since Friday.

--Reporting by Aaron Alford, aaron.alford@ihsmarkit.com

--Editing by Jordan Godwin, jordan.godwin@ihsmarkit.com



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