CVI - EPA gives refineries more time to satisfy biofuel blending requirements

The U.S. Environmental Protection Agency proposes to extend the reporting deadline for the 2020 and 2021 compliance years for oil refiners and importers to prove compliance under the Renewable Fuel Standard. The EPA says the plans are driven by the need to allow "the proper sequencing of deadlines" so that 2019 obligations are complied with before those for 2020 and then 2021. "Delaying these deadlines will enable obligated parties to manage and implement their RFS compliance strategies" after the EPA finalizes blending requirements for 2020 and 2021, the agency says. After falling initially, shares of biofuel producers trade mostly higher: GPRE +2.4%, REGI +1.7%, ADM +1.2%, CLNE +0.6%, DAR -1.2%. Fuel refiners are mixed: PBF +2.9%, CVI +1.5%, DK +0.8%, HFC -0.3%, PSX -0.5%, VLO -0.6%, MPC -1.2%. ETF: CRAK The EPA had been expected to propose cuts to U.S. biofuel blending requirements.

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EPA gives refineries more time to satisfy biofuel blending requirements