Spot ethanol prices plunge 20cts gallon at the Argo hub near Chicago, trading $2.40 gallon early Monday after rallying on end-of-month short-covering last week.
"Since Argo usually trades as an any, a month-end transfer, those shorts got covered last week so demand for early December is not the same as it was for last week," a trade source said.
New York Harbor spot ethanol was talked at $2.60 gallon in limited discussion, down 15cts from last week. Despite lower prices, supplies at both hubs remains tight, sources said.
Myke Feinman can be reached at email@example.com.
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