Markets brace for turnaround, hurricane season

摘要

The Argus-calculated Renewable Volume Obligation (RVO) fell as the US govern- ment edged closer to fnalising overdue biofuels blending mandates. Market par- ticipants expect lower volumes for 2021 as well as retroactive volume reductions for 2020. This prompted a sell-of in the renewable credits market, which lowered the overall RVO and initially weighed on refning margins (see graph).