Changing things up a little bit in this post vs the typical RFS update.
May GROSS RIN Generation
RIN generation in May hit just above 2 billion RINs in the month with D4 RIN generation dropping off the hardest MoM:
D3 RIN gen: 70 million vs 74 million in April
D4 RIN gen: 661 million vs 804 million in April
D5 RIN gen: 7 million vs 16 million in April
D6 RIN gen: 1,266 million vs 1,195 million in April
Total RIN gen: 2,005 million vs 2,090 million in April
RIN generation YoY growth actually dropped 5+%, the first time since 2020 in which YoY growth was negative.
When you start looking on a trailing twelve month basis (TTM), meaning summing up the previous 12 months to see what the annualized rate is, Gross RIN generation has stalled at just below 25 billion RINs on TTM basis.