U.S. renewable fuel credits surged to seven-month highs on Friday after a U.S. court ruled the Environmental Protection Agency improperly set the renewable fuel requirements in previous years.
* Renewable Fuel (D6) Renewable Identification Number (RIN) credits for 2017 traded as high as 89 cents each Friday, up from between 80 and 82.5 cents each on Thursday, traders said.
* The EPA erred when setting standards for how much renewable fuel must be included in fuel and ordered the agency to try again, a federal court said.
* The court questioned EPA’s rationale for setting targets below levels set by Congress in 2007.
* The potential that EPA would have to increase targets for 2016 would cut into inventories of credits held by refiners and others.
Source: Reuters
