Front month swap on European T2 ethanol hits 20-month high

In the Netherlands, the front month swap for T2 ethanol out of Rotterdam hit a 20-month high thanks to continued tightness in ethanol availability at the port. The swap was supported by the highest spot prices seen in two weeks as European ethanol buyers make their way back to the market. Low summer stocks are helping to ensure backwardation out through Q4, partly thanks to delays in arrival of 10,000 cubic meters of industrial ethanol expected from Guatemala.