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
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
Renewable Identification Numbers declined about a penny with deals at
74.0cts and 73.0cts gallon.
Dawn Gallagher, 1.732.531.4451, email@example.com. www.dtn.com. (c)
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