Spot ethanol prices plunged Wednesday after a new report showed U.S. ethanol inventories climbed last week to a three-week high while demand declined from a three-month high and imports resumed after a long hiatus.
Total stockpiles rose 200,000 bbl to 15.9 million bbl while demand fell 7,000 bpd to 850,000 bpd, data from the Energy Information Administration showed. Prompt delivered ethanol at the Kinder Morgan-operated Argo terminal near Chicago traded at $3.40 per gallon before trimming losses, now offered at $3.48 per gallon, down 39.0 cents on the day. Prompt delivered barge at the New York Harbor was pegged at $3.85 per gallon, down 32.5 cents.
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