This afternoon, the California Air Resources Board (CARB) released its Low Carbon Fuel Standard (LCFS) program data through the fourth quarter of 2017. The data shows a total of 9.912 million metric tonnes (MT) of credits for 2017 and 10.012 million MT in deficits, resulting in a 102,000 MT deficit for the year.

The year-end LCFS credit bank stands at 9.77 million MT.

For the fourth quarter, the LCFS credit market showed a 110,500 MT deficit position, reversing an upward trend of net credits over the first three quarters of the year. It appears that decreased renewable diesel volume was a major contributor.

We will provide an in-depth analysis of this data in our upcoming quarterly newsletter, published on May 15, 2018.