The first quarter of 2020 showcased both record high pricing and a COVID-19 slump in the California Low Carbon Fuel Standard (CA LCFS) market. Credit pricing remained strong throughout January and February 2020, with spot pricing sustaining levels over ~$200 per credit and some transactions executed above the previously implied ~$213 cap. In mid-March, LCFS credit pricing dropped nearly 20% from ~$210 to approximately $170 per credit due to the impact of COVID-19. The enclosed update provides highlights on news impacting the market, a recent price trend overview, and a closer look at the Q4 2019 credit and deficit report released by CARB at the end of April.
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