Spot Ethanol Prices DN on Chicago Loading Force Majeure
2/23 12:57 PM
Spot Ethanol Prices DN on Chicago Loading Force Majeure NEW YORK (DTN) -- Spot ethanol prices traded lower early Friday, particularly in the Chicago market, amid pressure from a force majeure declared on loadings in Chicago that could last until Monday, said a trade source. The disruption has been caused by heavy rains that slowed down barge movement on the Chicago River, affecting prompt supply at the Argo terminal and ethanol traded under Rule 11 terms for this week's shipment, the source said. It comes a day after the Energy Information Administration released data showing total ethanol stockpiles fell last week by 100,000 bbl to 22.8 million bbl. However, ethanol stocks in the Midwest increased by 100,000 bbl or 1.2% to 8.3 million bbl last week and 200,000 bbl or 2.5% higher than a year ago. At 1:00 PM ET, March RBOB futures rallied 3.43cts to $1.80 gallon. March corn futures eased 0.4cts to $3.662 a bushel. March ethanol futures slipped 0.5cts at $1.482 gallon. In physical trade, Argo prompt supply in the Chicago market traded at $1.465 gallon, a 2.0cts loss. February anys traded at $1.47 and $1.4775 gallon, and March anys were seen at $1.4875 gallon. Rule 11 ethanol for this week transport traded at $1.465 gallon, down 0.5cts. February barge delivered ethanol at the New York Harbor was valued at $1.56 gallon, down 1.5cts, while March barges were pegged at 1.0cts over swaps or at $1.57 gallon. On the West and Gulf coasts, next week ethanol shipment in California was talked at $1.665 gallon, down 1.5cts, while Houston spot prices were unchanged at $1.565 gallon. George Orwel, 1.718.522.3969, george.orwel@dtn.com, www.dtn.com. (c) 2018 DTN. All rights reserved.