U.S. spot ethanol prices rebounded Wednesday after federal data showed U.S. ethanol stocks tumbled last week to a record low while demand rose sharply. Total ethanol inventories fell 5.2% to 15.4 million bbl for the week-ended June 28, with plants around the country slashing output by 2.5% to 863,000 bpd, the Energy Information Administration reported. Refiner and blender net inputs, a proxy for demand, climbed 3.4% to 887,000 bpd while up 3.1% year-over-year. Prompt ethanol at the Argo terminal near Chicago traded at $2.40 gallon, up 1cts on the day, while a New York Harbor prompt barge was offered at $2.50 gallon, up 2cts.
George Orwel can be reached at firstname.lastname@example.org.
© Copyright 2013 DTN/The Progressive Farmer. All rights reserved.