European, US ethanol moves into contango.

摘要

On April 26, European T2 ethanol moved to a ?17.25 ($19.49)/m~3 discount to the front-month paper contract, falling ?17.00 ($19.21)/m~3 on the day. "With the contango, it just doesn't make that much sense to sell on the prompt," said one trader, but others said that the structure was unlikely to last. "The spread from physical to May paper is huge, a ?20/m~3 spread pays storage and all costs, giving a good carry margin [but] it shouldn't last long," said a source. "Physical and paper need to converge soon."