Spot ethanol prices were mixed during a choppy session Friday, with New York Harbor values unchanged, Chicago and California prices tumbled and the Gulf Coast posted gains. A source noted excess supply pressing down Chicago area prices.
"The market is balancing the issue of well-supplied in Chicago and New York against anticipation of tight supply in May, and that's why we have contango," said the source.
Today in-tank transfer ethanol at Argo near Chicago was talked at $1.36 to $1.38 per gallon, down 2.75 cents. Any March delivered Argo ethanol traded at $1.39 per gallon. March ethanol barges in New York Harbor were talked at a $1.46 to $1.48 per gallon bid/ask. Houston spot prices were seen up 2.5 cents at $1.495 per gallon.
George Orwel can be reached at email@example.com
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