W|Carbon: Low Carbon Fuel Credits Refresh - May 2025
CA, OR, & WA Market Color, Fuel Credit Prices, & Volumes Updates
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Table of Contents
Key Takeaways 2
California LCFS Credit Price/Volume Update 4
Oregon CFS Credit Price/Volume Update 6
Washington CFS Credit Price/Volume Update 8
Contact Information & Disclosures 10
Key Takeaways (Abridged)
California, Oregon & Washington Credit Prices All Rise In April
California: LCFS credit prices rose modestly in April, averaging $64/MT—up 5% from March’s dip but still below the $70/MT level maintained over the prior four months. Y/y prices are down 4.5% from $67/MT, continuing a period of relative stability following years of sharper declines. Early May trading indicates that this trend is holding, with prices averaging $64.22/MT in the first week. Market activity picked up significantly in April, with LCFS credit volumes surging to 10.994 million metric tons—the highest monthly total so far in 2025. This rise in credit generation likely reflects…
Oregon: Clean Fuels Program (CFP) credit prices rebounded in April, with the monthly average rising 12% to $47.98/MT from March’s low of $43.00/MT. This follows a 13% drop in March from February and marks a partial recovery from the second-lowest monthly average on record. Despite the short-term price lift, April prices remain down 59% year-over-year from $117.37/MT in April 2024, extending the sharp annual decline observed in recent months. April credit volumes fell to 111,611 MT, a significant drop from March’s 753,838 MT. This decrease is largely attributed to...
Washington: April saw a notable rebound in Washington’s Clean Fuel Standard (CFS) credit prices, which jumped to $28.86/MT after holding relatively flat since December. This marks a 28% increase from March’s average of $22.60/MT, which had only slightly risen from February’s $22.19/MT. Despite the April gain, prices remain sharply down year-over-year, falling 53% from $61.85/MT in April 2024. Credit volumes in April totaled 203,735 MT, down 14% from March’s 236,094 MT, which had seen a 39% increase over February. On a year-over-year basis, volumes were down 10%. The drop in April volumes contributed to a lower monthly transaction value of $4.6 million, bringing total transaction value for 2025 to $20.2 million. Credit generation through April…
W|Carbon Analysis: California’s LCFS market showed signs of renewed activity in April, with credit volumes reaching their highest level of the year, supported by...
For access information, contact info@webberresearch.com or Webber Research Institutional Sales at walter.lobo@webberresearch.com or Subscribe below: