Biofuels RINs prices deflated significantly Tuesday as one refiner was selling heavy quantities of RINs, sources said.
Corn-based ethanol (D6) RINs for 2013 were assessed 5 cents lower at $0.2950/RIN, falling for the second consecutive day from a peak Friday after rising for 12 consecutive sessions.
Current-year ethanol RINs were first heard traded at $0.3450/RIN Tuesday morning before trading more than a dozen times at declining levels, lastly at $0.2950/RIN. They were last reported in a bid-offer range of $0.29-0.30/RIN by time of assessment.
"There is a large seller out there just unloading RINs," one biofuels RINs broker said.
The identity of the obligated party was undisclosed.
The assessment had more than doubled in the three weeks following the US Environmental Protection Agency's November 15 announcement of significantly lower target mandates for the 2014 Renewable Fuel Standard.
Because of the soaring price, previously conservative holders of RINs emerged as sellers, diluting what had become a feverish marketplace for the first time in more than four months. The EPA issues a RIN to track renewable fuel usage throughout the supply chain.
