Spot ethanol prices in the New York Harbor and Chicago markets edged higher in early afternoon discussion Wednesday following the release of weekly supply data that showed regional drawdowns for both markets along with a decline in the national supply of ethanol.
During the second full week of June, U.S. ethanol stocks declined 262,000 bbl to 22.280 million bbl, with a 74,000 bbl draw for the East Coast PADD 1 and 132,000 bbl supply reduction in the PADD 2 Midwest part of the mix, data from the Energy Information Administration shows.
EIA also reported a 12,000 bpd decline in ethanol plant production for the week while blending demand increased by 12,000 bpd.
Prompt ethanol supply at the Argo terminal in Chicago gained 1.0 cent in discussion to $1.5275 per gallon, ending a four-session decline should the gain hold through end day. In the rail transport market, ethanol under Rule 11 terms was notional at $1.51 per gallon. In the New York Harbor, June fuel ethanol barges were reported on offer at $1.60 per gallon with bids at $1.56 per gallon. Sources said July any's were talked $1.57 by $1.60 per gallon.
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