SRE Talk Shakes Confidence in US as India Shields Its Refiners
The first trading session of June opened on a tense note for the global biodiesel complex, with deteriorating economics, thin liquidity, and a sharp reset in trade flows driven by India’s fiscal policy. While European activity slowed into the holiday weekend, traders were digesting far more consequential developments out of Washington and New Delhi. In the U.S., D4 RINs collapsed to 95 cents on growing conviction that the White House is considering approval of long-stalled Small Refinery Exemptions (SREs)—a potential blow to the integrity of the Renewable Fuel Standard. Screen margins for biodiesel dropped to negative 58 cts/gal, effectively placing much of domestic discretionary production out of the money. https://www.reuters.com/sustainability/climate-energy/white-house-considers-plan-clear-record-backlog-small-refinery-biofuel-waivers-2025-05-29/
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