Spot ethanol prices at the Kinder Morgan-operated Argo terminal in the Chicago market advanced for a fifth consecutive session from a two-month low through midday Wednesday, climbing to a nearly four-week high at $1.49 gallon following the release of weekly data from the Energy Information Administration showing a nearly 600,000 bbl drawdown in domestic supply. EIA reported ethanol stocks declined for a fourth consecutive week through April 6 to 21.846 million bbl, the lowest supply level since the week ended Nov. 10, 2017.
Trade sources pegged any-month delivered ethanol at the Argo terminal at $1.49 gallon, up 1.5cts, after a reported trade at $1.48 gallon. Ethanol under Rule 11 terms for this week rail shipment was indexed at $1.475 gallon, up 1.5cts.
Dawn Gallagher can be reached at firstname.lastname@example.org.
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