Spot ethanol prices in the New York Harbor rose 3 cents this morning on talk of supply shortages along the East Coast, with sell-side traders "scrambling to make sure they have wet barrels by the May 1 nomination date," said a trade source. "There has been a steady draw down of East Coast inventories for weeks."
Energy Information Administration's data on Wednesday showed PADD 1 East Coast stocks fell 100,000 bbl to 5.9 million bbl during the week-ended April 19, the region's third straight weekly decline to the lowest level since early December 2011.
George Orwel can be reached at firstname.lastname@example.org.
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