Spot ethanol prices were mixed in a choppy trade session, with most trade sources dismissing data from the Energy Information Administration released today showing declines in domestic ethanol stocks, production and demand for the week-ended March 18.
Sources said most of the trade activity today have involved paper and spreads, suggesting the "cash market is still bearish." The market remains awash with supplies, they said, pressing down cash prices at the Kinder Morgan-run Argo terminal near Chicago.
Prompt Argo cash prices were seen at a $1.30 to $1.335 per gallon bid/ask, down 1.75 cents, while Chicago ethanol traded on a Rule 11 basis was seen at $1.35 to $1.36 per gallon, up 1.0 cent. March shipment to the New York Harbor was talked at a $1.41 to $1.45 per gallon bid/ask for a 0.5-cents gain. Arizona spot prices were seen 7.5 cents lower at a $1.44 to $1.48 per gallon bid/ask spread.
George Orwel can be reached at email@example.com.
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