Informative Articles About Our Research

Today’s octane economics

Because octane can seem confusing, consider a more familiar commodity, wine. Imagine you own a vineyard. You produce wine for ...
Read More

Refining’s margin capture problem — here’s the hidden cause

A sore point in US refiners' 2021 earnings has been low "margin capture" rates. Margin capture refers to actual realized ...
Read More

Refiners rebuffed again on RIN price pass-through

In an eight-year battle over Renewable Identification Numbers (RINS), refiners have failed to get much relief from their RIN obligations. ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

Understanding RIN Price Fundamentals

It has been proven the pricing of D4 RINs follows basic economic and asset pricing theory. In 2020, the theory ...
Read More

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 ...
Read More

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 ...
Read More

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 ...
Read More

Categories