Hormuz Risk Returns With Five Vessels Hit, Damaged or Diverted as RINs Blow Out
D4 RINs pushed higher again today, with Dec26 at 2.585, up 1.16%, and Dec27 at 2.624, up 1.03%. The U.S. market is trading a physical shortfall, not a policy surprise. The 2026 biomass-based diesel requirement is 8.86bn RINs, or 9.07bn once small refinery exemption reallocation is included. May D4 generation was reported near 736mn RINs, against a monthly requirement closer to 915mn. The early-year deficit was already estimated near 1.41bn RINs, while plants ran near 77% of capacity in May against the 90% assumption used for the mandate.
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