PES held short position on RINs three months before announcing closure

In Pennsylvania, Reuters reports that during the two months leading up to the Wednesday announcement that Philadelphia Energy Solutions would close, claiming that the decision was due to a fire, two sources said that the country had built up as much as 90 million dollars’ worth of short positions in RINs over the past several months and stopped buying in March. When the company applied for bankruptcy protection last year, it was 250 million RINs short of its statutory requirements but the court waived the discrepancy to help it.