Spot ethanol prices in Chicago and Houston nudged a tad higher at midday Thursday after shaking off early weakness as traders looked past federal data showing domestic ethanol supplies rose 1.1 million bbl to a record 23.8 million bbl during the week ended Jan. 19.
Spot ethanol prices at the Argo terminal in Chicago traded to a six-week high as New York Mercantile Exchange February RBOB futures advanced to a near five-month spot high of $1.9296.
Ethanol delivered later this weekend through next week at the Argo terminal in the Chicago cash market traded at $1.35 per gallon, up 0.5 cent, after being talked at a $1.33 and $1.34 per gallon bid/ask spread. Argo spot prices are now trading at the highest level since Dec. 6. Ethanol traded under Rule 11 terms was pegged at $1.3375 per gallon, up 2.75 cents. Sources said February swaps traded at $1.35 per gallon for a 0.5-cent gain.
Prompt delivered ethanol in Houston also gained 1.0 cent to $1.44 per gallon.
George Orwel can be reached at email@example.com
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