Spot Ethanol Prices End Flat to DN on Supply, Corn Futures
NEW YORK (DTN) -- U.S. spot ethanol prices ended flat to lower Thursday
afternoon following a lackluster trade session, with the Chicago and New York
Harbor markets pressured lower by losses for the Chicago Board of Trade corn
futures and concern over rising ethanol supply in the East Coast and the
The latest ethanol data from the U.S. Energy Information Administration
showed total stockpiles rose last week by 131,000 bbl to 23.034 million bbl
while up 4.5% versus a year ago. Production increased 7,000 bpd to 993,000 bpd
while up 5.9% on the year.
Regionally, Midwest supplies rose 16,000 bbl to 7.94 million bbl, near a
record high of 8.6 million bbl posted during the week-ended March 24. East
Coast supplies increased by 90,000 bbl to 8.169 million bbl, which is near a
one-year high of 8.183 million bbl posted in the week-ended March 31.
Chicago Board of Trade corn futures settled 4.0cts lower at $3.576 bushel,
near a two-week spot low of $3.572. The New York Mercantile Exchange May RBOB
futures contract settled 1.15cts higher at $1.6705 gallon, with June contract
up 0.79cts at $1.6713 gallon.
CBOT May ethanol futures edged up 0.3cts to $1.62 gallon. CBOT crush spread
rose 19cts on the day to $1.10.
May swap contracts were pegged at $1.615 gallon, down 0.25cts on the day,
with June swaps at $1.5925 gallon, unchanged on the session.
In cash trade, prompt fuel ethanol supply at the Argo terminal in the
Chicago market traded during the aftermarket window at $1.6075 and $1.6030
gallon. It was last assessed at $1.6025 gallon, down 1.0cts on the day.
In the rail transport market, ethanol under Rule 11 terms for shipment this
week traded 1.0cts down at $1.585 gallon.
On the East Coast, April barged fuel ethanol in the New York Harbor was
pegged at $1.665 gallon, down 0.5cts on the day. May barged ethanol was seen at
$1.68 gallon, down 0.5cts.
The cash markets for West and Gulf coasts were dull, although sources said
California spot prices were pegged at $1.76 gallon. On the Gulf Coast, spot
prices in Houston were pegged at $1.66 gallon, unchanged on the day.
In the credit market, Renewable Identification Numbers were seen flat to
lower today, with 2017 D6 renewable RINs trading at 51.25cts for a 0.25cts
loss. 2017 D4 biomass-based diesel RINs traded at 99.0cts, $1.00 and at
99.75cts, up 1.0cts on the session.
George Orwel, 1.718.522.3969, email@example.com,
www.schneider-electric.com. (c) 2017 Schneider Electric. All rights reserved.