Spot ethanol prices rose Thursday on the back of a bullish supply report from the Energy Information Administration while also garnering support from higher Chicago Board of Trade corn futures.
The EIA reported U.S. ethanol stocks fell 1.3% to 20.7 million bbl last week while plant production fell 25,000 bpd or 2.4% to a 998,000 bpd five-week low. On the demand side, the agency said net refiner and blender inputs of ethanol rose for the first time in five weeks, up 5,000 bpd to 934,000 bpd, a three-week high.
Prompt ethanol supply at the Argo supply hub in the Chicago market was talked at $1.49 per gallon, up 1.25 cents, while September barges at the New York Harbor were seen at $1.545 per gallon, up 0.25 cents. This week shipment of ethanol in northern California was notionally valued at $1.60 per gallon, up 1.5 cents.
George Orwel can be reached at firstname.lastname@example.org.
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