11 May 2006 20:47 [Source: ICIS news]
Traders said New York Harbor spot ethanol coming in on barges from the Midwest were selling between $2.80 and $2.90/gallon, up from the $2.82/gallon previous high.
Strong gasoline demand ahead of the summer driving season was said to be driving the increase as ethanol replaces methyl tertiary butyl ether in gasoline stocks as the primary oxygenate. Ethanol traders and blenders said supply was narrowly meeting demand but anticipated fundamentals would improve over the summer as the industry copes with the oxygenate switch.
Major ethanol suppliers include Archer Daniels Midland, Abengoa and Cargill.
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