Jan. 6 (Bloomberg) -- Ethanol futures were unchanged with corn in Chicago as crude oil dropped and gasoline gained.
Futures capped a third weekly gain as oil fell amid concern Europe may slide into recession and gasoline advanced after the U.S. added 200,000 jobs in December. Corn is the primary component in U.S. ethanol, which is blended into gasoline.
“Corn and energy prices took a break from their earlier moves, leaving ethanol in limbo on thin trading and little direction,” SCB & Associates wrote in a note to clients today.
Denatured ethanol for February delivery was unchanged to settle at $2.223 a gallon on the Chicago Board of Trade. Futures have declined 1.3 percent in the past year.
In cash market trading, ethanol in New York fell 4 cents, or 1.7 percent, to $2.30 a gallon and in the U.S. Gulf the additive lost 3 cents, or 1.3 percent, to $2.325, according to data compiled by Bloomberg.
Ethanol on the West Coast decreased 2 cents, or 0.9 percent, to $2.32 a gallon and in Chicago the biofuel slipped 1.5 cents, or 0.7 percent, to $2.195.
Corn for March delivery was unchanged at $6.435 a bushel in Chicago. One bushel makes at least 2.75 gallons of ethanol.
Crude oil for February delivery fell 25 cents, or 0.3 percent, to $101.56 a barrel on the New York Mercantile Exchange, the lowest settlement since Dec. 30. The contract climbed 2.8 percent this week. Prices advanced 8.2 percent in 2011.
Gasoline for February delivery rose 1.51 cents, or 0.6 percent, to $2.7516 a gallon.
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