Spot ethanol prices fell sharply on Wednesday in the New York Harbor after the U.S. Energy Information Administration reported fuel ethanol supplies in PADD 1 East Coast rose by about 400,000 bbl last week to a five-year regional high of 8.6 million bbl. Meanwhile, total stocks fell 100,000 bbl to 23.1 million during the week-ended May 5.
The EIA report also said plant production rose 20,000 bpd to a 1.006 million bpd five-week high, with ethanol imports to the West Coast at 28,000 bpd.
In cash trade, May barged ethanol in the New York Harbor was talked at a $1.445 to $1.465 per gallon bid/ask spread, down 3.5 cents on the session. Prompt fuel ethanol supply at the Argo hub in the Chicago market traded early at $1.41, $1.405 and $1.40 per gallon, and later in the afternoon at $1.415 per gallon, 0.5 cent higher on the session.
George Orwel can be reached at email@example.com
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