New York Harbor spot ethanol prices slumped 2.0 cents to a nearly eight-month low at $1.37 per gallon and its premium to Chicago narrowed to a 7.5-cent 8 1/2 month low Wednesday afternoon. This was after the Energy Information Administration reported a 100,000 bbl increase in East Coast PADD 1 stocks to 7.6 million bbl for the week ended Aug. 24, up 800,000 bbl or 11.8% against the comparable year-ago period.
The building supply comes as driving demand is set to fall off following the Labor Day weekend, while U.S. ethanol production facilities continue to produce at high levels, with output for the week profiled at 1.07 million bpd, 28,000 bpd or 2.7% above a year ago.
Brian Whary can be reached at email@example.com
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