D6 - renewable fuels

D6 Renewable Identification Numbers (RINs), primarily associated with corn ethanol, experienced a significant price surge between the 1Q of 2022 and the 2Q of 2023, reaching highs of over USD 1.50 per RIN. This increase was driven by higher blending mandates, recovery in fuel demand post-COVID-19, and reduced availability of small refinery exemptions. The economic disparity between ethanol and gasoline prices also played a crucial role, making ethanol blending more attractive due to higher RIN values offsetting lower gasoline prices. However, since the third quarter of 2023, D6 prices have collapsed by 58%.

In 2023, U.S. production capacity of renewable diesel and other biofuels hit 3 billion gallons per year, overtaking U.S. biodiesel production capacity for the first