Ethanol Climbs Against Gasoline on Stockpiles and Record RINs
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Ethanol gained for a second day against gasoline on concern that the U.S. will struggle to replenish stockpiles of the biofuel. The value of Renewable Identification Numbers reached a record high.
The spread, or price difference, tightened 3.46 cents to 57.73 cents a gallon. A July 10 government report showed inventories in the Midwest are down 18 percent from a year earlier. RINs for corn-based ethanol surged to $1.35 today from 7 cents in January while advanced varieties, which cover biodiesel and Brazilian sugarcane-based biofuel jumped to $1.36 from 37 cents in January.