Ethanol Increases Fourth Time This Week on Signs of Higher Use
Ethanol increased a fourth time this week on record low stockpiles and signs of higher demand.
Futures jumped 5.7 percent two days after an Energy Information Administration report showed gasoline consumption and ethanol blending above year-earlier levels. Stockpiles along the U.S. East Coast, which includes New York Harbor, fell to 4.76 million barrels last week, data from the Energy Department’s statistical arm showed.
“That’s just out of control,” said Jim Damask, a manager at StarFuels Inc. in Jupiter, Florida. “That has to be the export market. On the refiner side there is some solid demand too.”
“Margins are looking great,” Damask said. “If you have the gallons, you’re selling.”
Ethanol exports averaged 43,000 barrels a day in September, the highest level since March. The U.S. ha
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