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NYH, Argo Spot Ethanol Edges Higher in Early Discussion
6/21 12:58 PM
NYH, Argo Spot Ethanol Edges Higher in Early Discussion OAKHURST, N.J. (DTN) --- Spot ethanol prices at the New York Harbor and Chicago edged higher in early discussion while futures traded on the Chicago Board of Trade and New York Mercantile Exchange traded mixed. At 1:15 PM ET, CBOT July corn futures traded 0.2cts up at $3.702 bushel while the spot month ethanol contract was marginally higher at $1.5225 gallon. NYMEX July RBOB futures slid 2.25cts to $1.4015 bbl on federal data showing a draw in gasoline supplies that was about half expectations. Energy Information Administration data for the week-ended June 16 showed ethanol stocks declined 262,000 bbl to 22.280 million bbl, a near 6% supply surplus year-over-year. East Coast PADD 1 stocks declined 74,000 bbl to 7.682 million bbl while the PADD 2 Midwest registered a draw of 132,000 bbl to 7.63 million bbl. Overall ethanol production fell 12,000 bpd during the week-ended June 16 to 990,000 bpd and Midwest output dropped 13,000 bpd to 901,000 bpd. Trade sources pegged prompt supply at the Argo terminal in Chicago at $1.5275 gallon, up a penny. In the rail transport market, ethanol under Rule 11 terms was notional at $1.51 gallon. New York Harbor June fuel ethanol barges were reported on offer at $1.60 gallon with bids at $1.56 gallon. Sources said July-any's were talked $1.57 by $1.60 gallon. Renewable Identification Numbers declined about a penny with deals at 74.0cts and 73.0cts gallon. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com. www.dtn.com. (c) 2017 DTN. All rights reserved.