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Spot Ethanol Prices End Mostly Higher with Futures
5/19 4:43 PM
Spot Ethanol Prices End Mostly Higher with Futures NEW YORK (DTN) -- Spot ethanol prices declined Friday in New York Harbor but were higher in Chicago and other regional hubs amid bargain hunting and gains for Chicago Board of Trade July corn futures and New York Mercantile Exchange June RBOB futures. Versus a week ago, cash prices were lower across the board, with declines from 2.75cts to 5.5cts. The June RBOB futures contract rallied with the rest of the oil complex in anticipation Organization of Petroleum Exporting Countries will agree next week to extend their production cuts beyond their June 30 expiration. The RBOB gasoline market was also boosted by expectations demand, which was weaker in the first quarter, will improve during the summer months. Corn futures recovered from Thursday's weakness, rising with other grains markets including soybeans futures as concerns of Brazil's political problems eased. CBOT July corn futures rose 6.4cts to $3.724 bushel, trading near a $3.73 five-week spot high. NYMEX June RBOB futures spiked 4.60cts to a $1.6523 gallon settlement, near a one-month high of $1.6544. The RBOB premium to ethanol ended a 16.28cts 10-week high, up from 6.8cts s week ago. In paper trade for ethanol, June ethanol futures settled 2.0cts higher at $1.483 gallon, near a $1.49 three-day high, and the crush spread at 42cts. Swaps for June traded at $1.49 gallon for a 1.5cts gain on the session while July swaps traded at $1.505 gallon, up 2.75cts on the day. In cash trade, prompt supply ethanol at the Argo hub in the Chicago cash market traded three times at $1.455 gallon, up 2.5cts on the day, with any June supply trading at $1.48 gallon. On weekly basis, Argo prices fell 2.75cts. In the rail market, ethanol under Rule 11 terms for shipment next week traded at $1.415 gallon, up 3.5cts on the day while down 4.5cts. On the East Coast, May fuel ethanol barges at the New York Harbor traded at $1.47 gallon, 1.5cts lower on the day while down 5.5cts for the week. June ethanol barge talked at $1.545 gallon, up 4.0cts. On the West Coast, next week shipment of ethanol in northern California was assessed at $1.57 gallon, up 3.0cts on the day while down 4.5cts for the week. Arizona spot prices traded at $1.54 gallon. On the Gulf Coast, prompt supply ethanol in Houston was seen at $1.51 gallon, up 2.75cts on the day and down 2cts on the week. Renewable Identification Numbers traded higher, with ethanol D6 RINs for 2017 trading 11 times and ending at 63.0cts, up 3.0cts on the day while up 15cts on the week. 2017 D4 RINs for biomass diesel traded five times and ended at $1.07, up 2.5cts. 2017 D4 RINs for biomass diesel traded at $1.07, up 2.5cts on the day. Price Change Market Low High Last vs 5/18 vs 5/12 New York Harbor $1.4600 $1.4800 $1.4700 -$0.0150 -$0.0550 Chicago (Terminal) $1.4500 $1.4600 $1.4550 $0.0250 -$0.0275 Chicago (Rule 11) $1.4100 $1.4200 $1.4150 $0.0350 -$0.0450 Houston $1.5000 $1.5200 $1.5100 $0.0275 -$0.0200 Northern Calif. $1.5600 $1.5800 $1.5700 $0.0300 -$0.0450 Southern Calif. $1.5600 $1.5800 $1.5700 $0.0300 -$0.0450 Phoenix $1.5300 $1.5500 $1.5400 $0.0000 -$0.0500 Pacific Northwest $1.5600 $1.5800 $1.5700 $0.0300 -$0.0400 2016 D6 RINs $0.6100 $0.6300 $0.6200 $0.0600 $0.1550 2017 D6 RINs $0.6200 $0.6400 $0.6300 $0.0625 $0.1550 ($/gal) George Orwel, 1.718.522.3969, george.orwel@dtn.com, www.schneider-electric.com. (c) 2017 Schneider Electric. All rights reserved.