Renewable Diesel Market Value Proposition
$8.00
$6.00
$4.00
$2.00
$0.00
($2.00)
($4.00)
($6.00)
($8.00)
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
LA Carb Diesel
1.7 x D4 RIN
Apr-18
Jul-18
Low LCFS Prices
Avg Margin: $1.58/gal
Source: Bloomberg, Jacobsen
*BTC not prospectively in the Federal budget 2017-19 but was provided retroactively in 2020
budget, which would increase the average margin to $2.44 for the period shown.
Low D4 RIN Prices:
Avg Margin: $1.49/gal
Oct-18
Jan-19
Apr-19
BTC Real Time
Jul-19
Oct-19
LCFS
No BTC:
Avg Margin: $1.44/gal*
"ORD MARGINS EXCEPTIONAL IN ALL REGIMES
Index Based on Gross Margin Components ($/gal)
Jan-20
Apr-20
Jul-20
Oct-20
Low Diesel Prices:
Avg Margin: $1.86/gal
$8.00
$6.00
$4.00
$2.00
$-
$(2.00)
$(4.00)
$(6.00)
$(8.00)
Jan-21
Crude SBO
RD Crude SBO Margin
High Soybean Oil SBO Costs:
Avg Margin: $1.96/gal
15
Jan-22View entire presentation