While crude oil, oil products, and natural gas trade in highly liquid CME NYMEX and ICE futures markets, ethanol swaps for delivery in Chicago also trade on the same exchange; however, they are far less liquid than the oil and gas futures. Coal for delivery in Rotterdam, the Netherlands, trades on the Intercontinental Exchange and is also far less liquid than oil and gas futures. Coal prices have been trending lower in 2025, while ethanol swap prices have trended higher since the end of 2024.   Ethanol tr ...