Informative Articles About Our Research

Hidden costs of Tier 3 gasoline hurt refiners’ profit margin capture

For the first time, US refiners are being challenged to meet the EPA's Tier 3 10-ppm sulfur gasoline specification while ...
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A billion dollar question: do refiners recapture RINs expense?

There is much confusion in the refining industry on whether and how $billions/year of Renewable Identification Number (RIN) expenses are ...
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New gasoline specification is increasing gasoline prices

As gasoline demand increases, a new specification is increasing gasoline prices. The specification, called the Tier 3 Standard, limits gasoline ...
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Understanding RIN Price Fundamentals

It has been proven the pricing of D4 RINs follows basic economic and asset pricing theory. In 2020, the theory ...
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Hoekstra Trading RINs price spreadsheet model

This chart shows, in green, the price of D4 RINs traded from 2011 through March 2021: The black line represents ...
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OPIS Alert – Tier 3 gasoline resurfaces

Here's Tom Kloza's latest writeup on Tier 3 and sulfur credit prices: *********** 2021-03-09 04:50:16 EST ***Tier 3 Sulfur Gasoline ...
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Six ways to optimize Tier 3 gasoline

This Q&A appeared in the journal PTQ Catalysis March 15, 2021: Q: Is there a route for post-treating gasoline with ...
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W.R. Grace – Hoekstra Trading team up to help refiners optimize Tier 3 gasoline

This Q&A appeared in the journal PTQ Catalysis, March 15, 2021: Q: Is there a route for post-treating gasoline with ...
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Gasoline sulfur credit market turnaround

This week Tier 3 gasoline sulfur credits traded over $1,000 / million ppm-gallon. That's 5 times higher than the bottom ...
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Tier 3 Q&A Part 3

These questions were asked during recent industry conferences: Are there any services that are reporting Tier 3 sulfur credit market ...
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