Spot ethanol prices edged higher in early trade at the New York Harbor and Argo hub near Chicago Thursday after government supply data showed stocks unchanged amid a supply squeeze. Domestic ethanol supply was unchanged during the week-ended Nov. 8 at 15.2 million bbl, above the late October inventory level of 15.0 million bbl, a record low, Energy Information Administration data showed.
Flat supply comes despite a 25,000 bpd surge in U.S. ethanol production to 927,000 bpd, a 21-month high.
"The weekly numbers are pretty well baked into the price," commented Jerrod Kitt strategist for the Linn Group, Chicago, Ill.
Spot ethanol at the New York Harbor for ethanol barge was talked in a $2.26 to $2.28 bid/ask spread, up 2.0 cents from Wednesday. Ethanol at the Argo hub near Chicago gained 1.5 cents, talked at $1.995.
Myke Feinman can be reached at email@example.com.
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