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Ethanol stocks up as production dips
U.S. ethanol stocks climbed to multi-month highs last week.
The U.S. Energy Information Administration said the domestic supply of ethanol was 23.579 million barrels, the largest since mid-April and an increase of 62,000 on the week, but a decrease of 865,000 on the year.
That week-to-week jump in supply was due to a combination of factors including a short-term seasonal dip in production and slower demand.
Production last week averaged 1.049 million barrels a day, a decline of 58,000 from the previous week, but a rise of 205,000 from last year.
The Renewable Fuels Association says net inputs of ethanol purchased by refiners and blenders and the volume of gasoline supplied to consumers were both sharply lower, partially because of it being a holiday week.
Ethanol exports of 69,000 barrels were 63,000 less than the week before.
The USDA’s next corn for ethanol use estimate is out Friday, January 12th at Noon Eastern/11 Central.
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