Oct. 10 (Bloomberg) -- Ethanol gained for the first day in three as crude-oil futures reached a two-week high and corn and gasoline prices climbed.
Ethanol rose with commodities after German Chancellor Angela Merkel and French President Nicholas Sarkozy said yesterday they will deliver a plan to recapitalize the region’s banks and address the Greek crisis by Nov. 3. Gasoline settled at the highest level since Sept. 27. Corn rose for the second day in four.
“It was a pretty good, well-bid day for ethanol and energies across the board,” Justin Dirico, senior ethanol trader at SCB & Associates LLC in Chicago, said by telephone.
Denatured ethanol for November delivery rose 3.2 cents, or 1.3 percent, to settle at $2.52 a gallon on the Chicago Board of Trade.
In cash market trading, ethanol in New York gained 4 cents, or 1.5 percent, to $2.79 a gallon, and on the West Coast the biofuel added 9 cents, or 3.3 percent, to $2.805, according to data compiled by Bloomberg.
Ethanol in the U.S. Gulf jumped 10.5 cents, or 4 percent, to $2.74 a gallon, and in Chicago the additive climbed 9.5 cents, or 3.7 percent, to $2.64, Bloomberg data show.
Crude oil for November delivery rose $2.43, or 2.9 percent, to $85.41 a barrel on the New York Mercantile Exchange, the highest settlement in more than two weeks.
Gasoline for November delivery gained 4.77 cents, or 1.8 percent, to settle at $2.6953 a gallon in New York. The contract covers reformulated gasoline, which is made to be blended with ethanol before delivery to filling stations. Earlier, futures advanced as much as 2.8 percent to $2.7219.
Corn for December delivery gained 5 cents, or 0.8 percent, to $6.05 a bushel in Chicago after reaching an intraday high of $6.185. One bushel makes at least 2.75 gallons of ethanol.
--With assistance from Mark Shenk in New York and Margot Habiby in Dallas. Editors: Richard Stubbe, Dan Stets
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