- Intercontinental Exchange Inc (NYSE:ICE) reported record trading in U.S. Renewable Identification Numbers (RINs) led by strong demand.
- RINs are credits generated to track and execute compliance with the U.S. federal Renewable Fuel Standard (RFS) program.
- The RFS program requires the mandatory inclusion of renewable fuels into U.S. transportation fuels, with obligated parties under the program comprising fuel refiners and importers.
- By end-May 15, 2023, the equivalent of over 2 billion RINs had been traded on ICE year to date, which is significantly higher than the 1.6 billion traded in 2022.
- ICE provides the most liquid markets to trade RIN futures. Year to date, the volume of traded RINs is equivalent to 1,400 refined product cargoes.
- Last month, ICE saw a single-month record level of the traded equivalent of 627 million RINs.
- “RINs prices impact refined product market dynamics. Hedging RINs has become increasingly important to commercial market participants seeking to meet compliance obligations, protect their margins, determine crack spreads to create other products, and identify whether arbitrage opportunities exist to export transportation fuel,” said Jeff Barbuto, Global Head of Oil Markets.
- Also read: Blackstone, Uber Technologies, Intercontinental Exchange And This Fund: CNBC’s ‘Final Trades
- Price Action: ICE shares are trading lower by 0.36% at $108.36 on the last check Friday.
Aurinia Board Of Directors Announces Exploration Of Strategic Alternatives To Maximize Shareholder Value; Has Accepted Recent Director Resignations And Has Initiated A Search For New Directors
In Addition, Board has Accepted Recent Director Resignations and has Initiated a Search for New Directors
Aurinia Pharmaceuticals Inc. (NASDAQ:AUPH) ("Aurinia" or the "Company") today announced that
