Spot ethanol prices at the Argo terminal in the Chicago market, as well as in the New York Harbor and California, extended higher in early trade Tuesday, boosted by short-term demand for domestic use and exports, sources said.
The Energy Information Administration last week said ethanol stocks tumbled to an 18.4 million bbl 13-month low in late November, and trade sources expect data to be released Wednesday (12/7) will show a further draw for the week-ended Dec. 2.
Argo prompt supply traded at $1.72 per gallon for a 1.0-cent gain. Prompt New York Harbor barge was offered at $1.80 per gallon for a 1.0-cent gain. Prompt delivered ethanol in northern California was talked at a $1.83 to $1.86 per gallon bid/ask spread, up 2.5 cents.
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