U.S. spot ethanol prices rose across the board in early afternoon trade Wednesday, though the biggest rally was seen along the East and West coasts after federal data showed domestic ethanol stocks were drawn down again last week as most traders had expected.
The data supported speculations weather-related woes continue to curtail production, delay shipments and squeeze available supply. The Energy Information Administration data showed stocks were drawn down 200,000 bbl or 1.1% to 16.7 million bbl during the week-ended Jan. 31, while production slipped another 5,000 bpd or 0.6% to 895,000 bpd.
Prompt delivered New York Harbor ethanol barge was offered at $2.30 per gallon without a bid, up 8.5 cents on the day, while prompt delivered ethanol in San Francisco Bay traded at $2.25 per gallon, up 6 cents.
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