U.S. ethanol spot prices posted gains early Wednesday, buoyed by a bullish report showing weekly U.S. ethanol inventories were drawn down 4.7% during the week-ended July 26 from a three-week high.
The stock draw was driven by a decline in domestic production and an increase in demand, data from the Energy Information Administration showed. Prompt ethanol at the Argo hub, near Chicago, was talked 5 cents higher at $2.28 gallon, while New York Harbor traded 8 cents higher at $2.45 gallon.
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