NEW YORK (Reuters) - Prices of U.S. renewable fuel (D6) credits plunged to as low as 30 cents each on Wednesday following news that the U.S. Environmental Protection Agency (EPA) has granted biofuels compliance exemption for 25 small refineries, traders said.
Prices of the Renewable Identification Number (RIN) credits hit 30 cents apiece, before seeing buyers bidding at 31 cents and sellers offering at 34 and 35 cents each after the news, the traders said.
That marked the lowest price for the credits since February 2017, according to data from Oil Price Information Service. The credits are used to meet annual biofuel blending requirements.
Reporting by Jarrett Renshaw, writing by Chris Prentice, editing by G Crosse