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Spot Ethanol Prices Ease in NYH, California; Higher on Wk
2/16 5:13 PM
Spot Ethanol Prices Ease in NYH, California; Higher on Wk NEW YORK (DTN) -- Spot ethanol prices ended Friday slightly lower at the New York Harbor and the West Coast while flat at other regional trade hubs after Chicago Board of Trade corn futures eased modestly from a six-month high posted on Thursday. The market has been thin most of this week and while cash prices were little changed today, they soared 9.0cts in Chicago and 8.0cts in New York Harbor from prior Friday on the back of lower domestic supply, higher demand and talk of rising exports. The Energy Information Administration on Wednesday reported a 600,000 bbl week-on-week stock draw to 22.9 million bbl while blending demand rose 14,000 bpd to 882,000 bpd. During the four weeks ended Feb. 9, motor gasoline product supplied, a measure for demand, averaged 9.0 million bpd, up 6.5% from year prior. On the New York Mercantile Exchange, March RBOB futures settled up 1.51cts at $1.7509 gallon, near a five-day high of $1.7581, and gained 2.9% on the week. Chicago Board of Trade March corn futures reversed lower today after trading at a six-month high of $3.686 bushel on Thursday. In paper trade, March ethanol fuel futures settled 0.2cts lower at $1.484 gallon, reversing off a better than three-month spot high of $1.491 and ended at a 26.69cts discount to RBOB futures. March swaps traded at $1.48 gallon, unchanged on the day. In physical trade, prompt delivered ethanol at Argo terminal in the Chicago market traded ten times during the aftermarket window at $1.4775 gallon and at a $1.48 gallon 4-1/2 month high. Ethanol traded under Rule 11 terms for next week rail transport traded flat at $1.46 gallon, up 6.5cts on the week. On the East Coast, February delivered ethanol by barge at the New York Harbor was valued at $1.575 gallon, down 0.5cts on the day. The Harbor market posted a 4-1/2 month high of $1.60 on Thursday. On the West Coast, next week shipment of ethanol in northern California was talked at $1.68 gallon, down 1.0cts on the day. In Houston on the Gulf Coast, prompt supply was talked flat at $1.575 gallon. In the credits market, 2018 D6 renewable identification numbers for ethanol traded at 69.5cts for a 0.5cts loss while 2018 D4 biomass-based diesel RINs traded flat at 91.0cts for a 1.0cts gain. Spot Ethanol Prices Price Change Market Low High Last vs 2/15 vs 2/9 New York Harbor $1.5700 $1.5800 $1.5750 -$0.0050 $0.0800 Chicago (Terminal) $1.4750 $1.4850 $1.4800 $0.0000 $0.0900 Chicago (Rule 11) $1.4500 $1.4700 $1.4600 $0.0000 $0.0650 Houston $1.5700 $1.5800 $1.5750 $0.0000 $0.0800 Northern Calif. $1.6700 $1.6900 $1.6800 -$0.0100 $0.0800 Southern Calif. $1.6700 $1.6900 $1.6800 -$0.0100 $0.0800 Phoenix $1.5100 $1.5300 $1.5200 $0.0000 $0.0200 Pacific Northwest $1.5900 $1.6100 $1.6000 $0.0000 $0.0800 2017 D6 RINs $0.6800 $0.6900 $0.6850 -$0.0050 $0.0150 2018 D6 RINs $0.6900 $0.7000 $0.6950 -$0.0050 $0.0150 ($/gal) George Orwel, 1.718.522.3969, george.orwel@dtn.com, www.dtn.com. (c) 2018 DTN. All rights reserved.