Exchanges plan futures in response to RIN price surge
CME Group and Ice plan to roll out futures based on biofuel Renewable Identification Numbers
Chicago-based CME Group and Atlanta-based Ice have unveiled plans to launch futures contracts on Renewable Identification Numbers (RINs) – credits that refiners and fuel importers use to comply with US regulations mandating the use of biofuels. The moves come in the wake of a huge boom in ethanol RIN prices, which has been dubbed ‘rinsanity’ by some market observers.
According to London-based price reporting agency (PRA) Argus Media, the price of 2013 vintage ethanol RINs rose from 7 cents on
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