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New York Harbor ethanol moves higher amid weather-related issues

The front-month New York Harbor ethanol market remained at a commandingpremium to the front-month Chicago ethanol swap Friday as delivery trainsheaded to the East Coast trading hub were delayed in Pennsylvania.

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"The nominations came in heavier than expected for January barges," saidone source. "Unit trains got hung up in Pennsylvania but it's a short-termsupply issue. It's not an issue where no one has product heading that way,it's just short term."

January New York Harbor barges remained around 10.75 cents above theJanuary Chicago ethanol swap during early trading Friday after they rose tothat level Thursday. The barges were 9 cents higher than the swap onWednesday.

The February barge market did not react as strongly and hovered at an8-cent premium to the February Chicago ethanol swap.

The tight supply is unlikely to last for long given high production ratesand total inventories.

Weekly US Energy Information Administration data released Thursday showedproduction rose 13,000 b/d to 1.090 million b/d in the week ended December 22.Stocks fell to 22.031 million barrels, but remained 3.348 million barrelshigher than the same week last year.

With so much product generally available, the currently high premium forfront-month New York Harbor barges will likely fall back to previous levelsafter the trains arrive.

--Josh Pedrick, joshua.pedrick@spglobal.com

--Edited by Derek Sands, derek.sands@spglobal.com