RIN prices tracked upward as a deteriorating margin environment continued to underpin buying, while oversupply fears limited gains.
The November 17 release of October RIN generation data showed a record 2.1 billion credits generated
Diesel weakness and CBOT strength saw the soybean oil-to-heating oil (BOHO) spread widen to $1.14/gallon on November 21, a level not seen since early October. The BOHO spread started November as narrow as $0.75/gallon, the lowest level in over a year. A narrower BOHO spread implies stronger biodiesel margins which is bearish the D4 RIN all else equal.