The market is still waiting for the 2026-2027 required volume obligation (RVO) to be announced. The expectation is that it will come by the end of this month; the proposed rule was issued in June 2025, referred to as the “Set 2” rule because there are several proposals that are re-set. The Set 2 rule included some key proposals such as limiting electricity from participating in the RVO, a reduction in the cellulosic RVO, and limiting foreign feedstock from qualifying for RIN credits under the scheme. Time is becoming a factor, as typically this announcement comes in November, but it is now scheduled for March. Additionally, small refinery exemptions (SREs) are back in the spotlight for biofuels, as the Administration has cleared...