Spot ethanol traded 4.5cts higher in Chicago and in the New York Harbor after the Energy Information Administration showed declines in ethanol inventories and production during the first full week of February and an increase in blending demand. The data for the week ended Feb. 9 detailed a stock draw of about 600,000 bbl to 22.9 million bbl, with production down 41,000 bpd to 1.016 million bpd. Refiner and blender inputs, a proxy for demand, increased by 14,000 bpd to 882,000 bpd last week.
Prompt supply at the Argo terminal in the Chicago cash market traded at $1.4475 and $1.4495 gallon while February supplied product at the Harbor was valued at $1.55 gallon.
George Orwel can be reached at email@example.com.
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