Ethanol Stocks Hit 2 1/2-Year High
NEW YORK (DTN) -- The Energy Information Administration released data Wednesday, Feb. 11, showing domestic ethanol inventories expanded to a fresh 2-1/2 year high, as domestic production increased while implied demand fell for the second consecutive week.
The data showed total stockpiles increased for the seventh straight week, up 100,000 barrels (bbl), or 0.7%, to 21.1 million bbl during the week-ended Feb. 6. That's the most stocks in storage since the week-ended June 1, 2012. Total supplies are 4.1 million, or 23.9%, higher than the level seen a year ago.
P[L1] D[0x0] M[300x250] OOP[F] ADUNIT[] T[]
Regionally, PADD 1 East Coast stockpiles climbed another 300,000 bbl to 7.7 million bbl while PADD 2 Midwest edged up about 100,000 bbl to 7.0 million bbl. PADD 3 Gulf Coast supplies tumbled about 400,000 bbl to 3.4 million bbl, while stocks at PADD 4 Rocky Mountain and PADD 5 West Coast were little changed, the data showed.
Plant production bucked a two-week decline, ramping up 14,000 barrels per day (bpd) to 961,000 bpd during the week-ended Feb. 6, while up 6.6% year-over-year. Four-week average output is up 7.3% versus the comparable year-ago period.
Blender inputs, a proxy for ethanol demand, decreased for the second consecutive week, down 4,000 bbl at 826,000 bpd during the week-ended Feb. 6, while edging up 1.2% year-over-year. Four-week average inputs rose 3.2% against the same period in 2014.
Implied demand for gasoline declined 160,000 bpd to 8.282 million bpd, 0.5% lower than the same week last year, EIA reported.
(BM/AG)
Copyright 2015 DTN/The Progressive Farmer. All rights reserved.