Spot ethanol prices edged higher at the Argo supply hub in the Chicago market Thursday afternoon after sliding to a $1.40 per gallon five-month low Wednesday on bearish fundamentals.
The modest bounce off the low was lent support from higher New York Mercantile Exchange RBOB futures, with the spot-month RBOB contract also reversing off a seven-week low, $1.5041 per gallon, traded early session.
Cash prices for prompt delivered product at the Argo terminal in the Chicago market traded at $1.41 per gallon and at $1.42 per gallon for any-January delivered ethanol, up a little more than 1.0-cent on the session. In the rail market, ethanol traded under Rule 11 for this week shipment traded at $1.405 and $1.41 per gallon, down 0.25 cent.
George Orwel can be reached at email@example.com.
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