Spot ethanol prices moved higher Tuesday, underpinned by firm gasoline blending demand.
"You're tight on stocks so ethanol demand appears to be pretty good," commented Brandon Marshall, analyst for Northstar Commodity, Minneapolis, Minnesota.
Implied gasoline demand for the four weeks-ended Nov. 1 was 9.055 million bpd, up 5.4% from same four-week period in 2012 while ethanol stocks dropped to a 15 million bbl record low 0ct.25, according to data from the Energy Information Administration.
Spot ethanol at the Argo hub near Chicago gained 1.25 cents early Tuesday, bid at a $1.85 with the asking price at $1.87 per gallon.
Myke Feinman can be reached at email@example.com.
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