“The EPA ruled on 175 petitions (of the roughly 200) seeking relief from the nation’s RFS.  Of those petitions considered 63 were granted full exemptions, 77 received partial exemptions (50%), 28 were denied while 7 were determined to be ineligible. The EPA added that refiners that were approved for exemptions had complied with the law and will have RIN credits returned, however credits returned from before 2023 will not be eligible for future compliance obligations. The EPA will return 1.39 bil. in credits for 2023 and 2024 that can be used for future compliance with total exemptions amounting to 5.34 bil. RINS. The EPA will seek public comment on whether larger refiners should make up for the exempted gallons.  Still much uncertainty as big oil will surely challenge in court any reallocation effort by the EPA,” Soderberg said. “Spot board crush margins surged another $.11 today to $2.19 ½ bu., a 2-week high, while bean oil PV improved to 48. While remaining doubtful small refineries experience disproportionate economic hardship due to the RFS they announced they were pleased the EPA was taking a “reasonable approach to the SRE backlog.”