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Reuters reports:

The White House on Tuesday denied that President Donald Trump planned to issue an executive order to change the national biofuels program, after the U.S. Renewable Fuels Association (RFA) said Trump's team had informed the group an order was pending.

Trading in U.S. refinery shares, fuel futures and corn prices was turbulent on the news of the pending order and its subsequent denial, as investors puzzled over what it would mean for the price of gasoline, ethanol and shares of companies that produce them.

The RFA issued a statement early on Tuesday that said a member of the Trump administration had called to inform the group the president intended to sign an executive order that would shift the onus on combining biofuels with gasoline away from refiners. The order would require companies further down the supply chain, such as retailers who sell gasoline, to shoulder that load.

Refiners have long requested this change, saying the biofuels program has hammered their profits.

White House spokeswoman Kelly Love, however, said on Tuesday afternoon "there is no ethanol executive order in the works."

Ethanol and fuel retail groups reacted quickly to the reports. Trump's regulation adviser, billionaire investor Carl Icahn, is majority owner of CVR Energy, a refining company that would benefit from the change. That stock is up 80 percent since Trump's election in November.

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