Spot ethanol prices tumbled further Wednesday after the U.S. Energy Information Administration reported domestic ethanol inventories continued higher last week despite a decline in production and higher demand.
Total ethanol stocks rose last week by 400,000 bbl or 2.1% to a 3 1/2-month high of 19.249 million bbl, an 11% year-over-year supply surplus. Prompt ethanol at the Argo hub near Chicago was discussed at $1.44 to $1.45 per gallon bid/ask, down 2.0 cents. New York Harbor December barges traded at $1.525 per gallon, down 2.0 cents. Spot prices in Phoenix hub in Arizona were talked at $1.54 to $1.57 per gallon bid/ask, down 4.5 cents.
George Orwel can be reached at email@example.com
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