Ethanol Climbs to Four-Week High on Refinery Outages, Greece
Ethanol climbed to a four-week high in Chicago as Greece approved austerity measures and on speculation refinery outages will increase demand for the fuel.
Prices increased for a sixth time this month. Greece agreed to plans that would help the country receive financial help from the European Union. from 1.11 million a year earlier. Sunoco Inc. and ConocoPhillips closed unprofitable refineries in the Philadelphia area late last year.
“Euphoria over the Greek vote is what rallied the markets,” said Peyton Feltus, president of Randolph Risk Management Inc. in Dallas. Ethanol and gasoline also rose on refinery shutdowns, he said.
Denatured ethanol for March delivery advanced 2.3 cents, or 1 percent, to $2.235 a gallon on the Chicago Board of Trade, the highest price since Jan. 11. Prices are down 9.3 percent from a year ago.
In cash market trading ethanol in Chicago was unchanged at $2.20 a gallon and in New York the biofuel increased 5 cents, or 2.2 percent, to $2.30, according to data compiled by Bloomberg.
Ethanol in the U.S. Gulf gained 2 cents, or 1 percent, to $2.255 a gallon and on the West Coast the additive rose 2 cents, or 0.9 percent, to $2.305.
Gasoline for March delivery rose 3.76 cents, or 1.3 percent, to settle at $3.0125 a gallon on the New York Mercantile Exchange. Prices have gained 12 percent this year.
To contact the reporter on this story: Mario Parker in Chicago at mparker22@bloomberg.net
To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net
Rate this Page