Spot ethanol prices gained Thursday as corn futures on the Chicago Board of Trade hover near a six-week high and RBOB futures on the New York Mercantile Exchange gains with crude oil and following strong demand reported Wednesday by the Energy Information Administration.
EIA also reported a 1.9% drawdown in domestic ethanol stocks for last week, albeit from a record high, and improving demand for blending, which averaged 883,000 bpd or 4.0% above year prior during the four weeks ended March 11.
Prompt transfer Argo ethanol traded at $1.3975 and $1.40 per gallon, up 1.0 cent. New York Harbor ethanol barges for March shipment traded at $1.475 per gallon, up 2.87 cents on the day. Along the West Coast, this week shipment in northern California was talked at a $1.55 to $1.58 per gallon bid/ask, up 1.5 cents.
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