Spot ethanol prices are again rallying Thursday, advancing as Wednesday's bullish federal inventory data continues to boost the spot market, with demand running ahead of short-term supply. Trade sources said a squeeze due to tight supply was seen in key markets such as Chicago, New York and California. As a result, ethanol for today transfer at Argo hub was bid 1.0 cent higher on the day at a $2.70 per gallon after rallying 40.5 cents Wednesday. Prompt New York Harbor barged ethanol traded at $2.70 and is now bid at $2.75 per gallon, up 8.5 cents today after Wednesday's 19.5 cents surge. Chicago rule 11 ethanol trade was done at $2.65 for this week transfer, up 30 cents.
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