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US Spot Ethanol Prices End Lower on Futures Losses
7/21 4:36 PM
US Spot Ethanol Prices End Lower on Futures Losses NEW YORK (DTN) -- Spot ethanol prices ended lower Friday and also on a weekly basis amid a selloff by Chicago Board of Trade corn futures and New York Mercantile Exchange RBOB futures. Trade volume was limited in the trade market ahead of the weekend break, with discussions only reported in the New York Harbor and in Chicago markets, said a trade source. CBOT September corn futures today reversed Thursday's gains, pressed down by profit-taking. NYMEX RBOB futures tumbled on overbought market conditions and after a survey by oil tanker-tracker Petro-Logistics showed output by the Organization of Petroleum Exporting Countries is poised to climb by 145,000 bpd this month. Domestic ethanol fundamentals are also bearish. The Energy Information Administration reported Wednesday that ethanol stocks rose 900,000 bbl or 4.2% to a 22.1 million bbl four-week high during the week-ended July 14. Domestic plant production rose 19,000 bpd to 1.026 million bpd, while blending demand 6,000 bpd to 921,000 bpd and was down 13,000 bpd year-on-year. At settlement, CBOT September corn futures dropped 11.2cts to $3.796 bushel, while NYMEX August RBOB futures plunged by 4.29cts to $1.5633 gallon. The August ethanol futures contract fell 1.5cts to $1.523 gallon. In the physical market, prompt ethanol at the Argo terminal in the Chicago market was traded nine times during the aftermarket window at $1.5075 gallon and twice at $1.51 gallon, down 2.0cts on the day. In the rail market, ethanol traded under Rule 11 terms was pegged at $1.50 gallon, down 1.5cts on the session. A July fuel ethanol barge at the New York Harbor was offered at $1.61 gallon, down 1.0cts on the day. Along the West Coast, this week shipment of products in California was down 2cts on the day at $1.76 gallon. On the Gulf Coast, Houston was down 2cts at $1.58 gallon. In the Renewable Identification Numbers market, 2017 D6 ethanol RINs traded at 82cts, down 1.75. 2017 D4 biomass diesel RINs traded at $1.105, down 2cts. Price Change Market Low High Last vs 7/20 vs 7/14 New York Harbor $1.5900 $1.6100 $1.6000 -$0.0100 -$0.0150 Chicago (Terminal) $1.5000 $1.5200 $1.5100 -$0.0200 -$0.0200 Chicago (Rule 11) $1.4900 $1.5100 $1.5000 -$0.0150 -$0.0250 Houston $1.5700 $1.5900 $1.5800 -$0.0200 -$0.0300 Northern Calif. $1.7500 $1.7700 $1.7600 -$0.0200 -$0.0400 Southern Calif. $1.7500 $1.7700 $1.7600 -$0.0200 -$0.0400 Phoenix $1.6600 $1.6800 $1.6700 -$0.0200 -$0.0400 Pacific Northwest $1.7400 $1.7600 $1.7500 -$0.0200 -$0.0400 2016 D6 RINs $0.8100 $0.8200 $0.8150 -$0.0200 $0.0400 2017 D6 RINs $0.8100 $0.8300 $0.8200 -$0.0175 $0.0400 ($/gal) George Orwel, 1.718.522.3969, george.orwel@dtn.com, www.dtn.com. (c) 2017 DTN. All rights reserved.