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Spot Ethanol Markets mostly Gain as Stocks Dip to 3Wks Low
12/12 4:53 PM
Spot Ethanol Markets mostly Gain as Stocks Dip to 3Wks Low WASHINGTON, D.C. (DTN) -- Spot ethanol prices mostly gained across key supply hubs in limited trade Wednesday afternoon as domestic ethanol stocks posted the first draw in three weeks, according to the Energy Information Administration's supply report released midmorning. EIA data details domestic ethanol stocks declined 100,000 bbl to 22.890 million bbl in the profiled week, while still 2.2% higher when the corresponding week in 2017. Data shows ethanol stocks at the East Coast PADD 1 stayed flat at 7.001 million bbl, but 2.9% higher than the corresponding week in 2017. At the Midwest PADD 2, stockpiles gained 150,000 bbl to 7.762 million bbl, 6.0% lower than inventory on-hand last year. Gulf Coast PADD 3 stocks declined a sizable 291,000 bbl to 4.400 million bbl, but are still 7.3% above a year ago while West Coast PADD V ethanol inventories gained 14,000 bbl to 3.339 million bbl, up 17.9% against year prior. Plant production decreased fractionally by 23,000 bpd to 1.046 million bpd, reversing down from the high rates reported last week, and 3.9% lower than the corresponding week a year ago. Four-week averaged production was 1.051 million bpd versus 1.084 million bpd during the corresponding four-week period in 2017. Net refiner and blender inputs, a measure for ethanol demand, gained for the first time in three weeks up 14,000 bpd to 910,000 bpd during the week ending Dec. 7, 0.7% below the year ago. For the four weeks ended Dec. 7, blending demand averaged 915,000 bpd, 4,000 bpd above the same period in 2017. In futures trade, the Chicago Board of Trade December corn contract shifted 1.2cts higher to settle at $3.760 bushel, a multi-week high spurred by progress in trade talks between China and the United States. Renewed support in the corn market is driven by the potential uptick in export activity in the coming months. CBOT January ethanol futures shifted 2.1cts higher at $1.255 gallon end session. New York Mercantile Exchange RBOB lost 1.94cts to $1.4204 gallon on building inventory. In physical trade, spot ethanol at the Kinder Morgan operated Argo terminal in Chicago was pegged by sources at $1.1850 gallon, a penny higher on the session, while spot product at the New York Harbor, gained a like amount to $1.3450 gallon. West Coast spot product was down 2.0cts on the session to $1.3600, while spot product in Gulf Coast lost 1.0cst to $1.3150 gallon. Trade was thin in the compliance credits market, with D6 2018 and 2019 Renewable Identification Numbers remained flat at 17.50cts and 20.63cts, respectively, and D4 biomass-based diesel RINs holding value at 45.0cts for 2018 and 47.0cts for 2019. Liubov Georges, 1.646.359.4088, liubov.georges@dtn.com, www.dtn.com. (c) 2018 DTN. All rights reserved.