The week ended April 12 saw RD margins retreat amid a rout in D4 pricing, weaker diesel values, and LCFS losses. The BOHO spread tumbled 13% week-over-week to the lowest level in over a month. D4 credits sank 11% as the credits held on to some strength relative to losses in the BOHO spread. LCFS markets traded lower as traders reacted bearishly to a public workshop held by CARB on April 10 which was short on details and differed little from the original December 2023 proposal. CARB modeled 7% and 9% step-downs for 2025 compared to an originally proposed 5% stepdown.
IN THIS REPORT AEGIS EXAMINES: