Last week, EPA released the final required volume obligations (RVOs) for 2023 through 2025; below is a summary of the final volumes compared to the proposed volumes published by EPA in December 2022. In short, 2023 volumes were mostly bumped up while 2024 and 2025 were mostly trimmed – except for biomass-based diesel. The 2023 RVO for biomass-based diesel remained the same as the proposal but is up a little more than 2 percent above the 2022 RVO; the 2024 RVO is up 5 percent over the proposal and the 2025 is up more than 13 percent over the proposed RVO. However, the industry believes EPA undershot new capacity coming online which could have a ripple effect of further delaying new renewable diesel expansion.
In striki...
The U.S.-Mexico-Canada Agreement (USMCA) enters its mandated six-year review on 1 July. The original intent of the review is outlined in Article 34.7, which obligates members to: Provide recommendations and decide on appropriate actions. Extend the USMCA for another 16 years and meet aga...
Key Market Insights Geopolitical Limbo: Geopolitical risk remained a key driver across global commodity markets today. President Trump stated that the Iran memorandum of understanding is not yet final and warned that military action could resume if negotiations fail. Both sides continue w...
