Ethanol Strengthens Against Gasoline on Near Record RINs Value
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Ethanol’s discount to gasoline narrowed to the lowest in more than a week as the motor fuel plunged and as the value of renewable identification numbers, or RINs, for biofuel blending was near a record.
The spread contracted 8.31 cents to 60.84 cents a gallon as production costs reduced output to the least for this time of year in records going back to 2010. Prices for corn-ethanol-based RINs climbed fell to $1.01, from a record $1.06 on March 8. Refiners use the certificates to comply with government renewable-fuel mandates in lieu of blending.