Spot ethanol prices extended higher in early afternoon trade Thursday amid worries about a tightening supply outlook in the Midwest and along the East Coast. U.S. data showed East Coast supplies declined to a 5.3 million bbl record low while stocks in the Midwest eased to a 5.0 million bbl three-week low.
"There's not a drop of ethanol supply in the (New York) Harbor," said a trade source. Ethanol for Sept. 30 transfer at Argo terminal near Chicago was pegged at $2.40 gallon, up 2.5 cents for the day, while October New York Harbor barged ethanol was talked at a $2.35 to $2.40 per gallon bid/ask spread, up 5.5 cents on the day.
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