Houston — Premiums for New York Harbor ethanol against the Chicago ethanol swap have fallen in recent weeks after an amendment to an embargo on rail traffic into the New York area.
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S&P Global Platts assessed front-month New York Harbor ethanol at a 15.25 cents/gal premium on Friday. After peaking at 19 cents on December 28, the premium fell to a low of 11.25 cents/gal on January 10.
CSX imposed an embargo on rail traffic into the terminal at Sewaren, New Jersey, recently, citing the high number of rail cars in the rail yard and en route to the facility, according to information on the company's website. On January 10, the railroad announced that it would begin allowing traffic into the terminal with permits. The increase in train traffic increased ethanol inventories, adding downward pressure on the premium.
The premium has grown in recent sessions due to concerns that incoming inclement weather could cause logistical problems.
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