CVR Energy cuts RIN short position by more than half in Q3

In New York state, Reuters reports that CVR Energy has cut its RIN short position to $127 million as of the end of Q3 from $280 at the end of Q2. With corn states so far winning the Renewable Fuel Standard battle against oil refiners, the Environmental Protection Agency has been forced to back down and in response RIN prices have rebounded. CVR’s CEO chooses to put the blame on President Trump for bowing to the pressure of Iowa senators who sought to reverse the EPA’s proposals that would have negatively impacted the ethanol industry