Ethanol Production Near 6-Month Low
NEW YORK (DTN) -- U.S. ethanol inventories edged slightly higher last week, rising 162,000 barrels (bbl) to 20.645 million bbl during the week-ended April 10 despite a drop in domestic production to a near-six-month low, new data from Energy Information Administration showed.
Compared to a year ago, total ethanol supplies are 4.7 million bbl, or 29.4%, higher.
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Regionally, a stock build was recorded in the PADD 1 East Coast, rising nearly 500,000 bbl to 8.0 million bbl, but the increase was reduced nationally by supply draws of about 100,000 bbl each in PADD 2 Midwest and PADD 3 Gulf Coast.
The EIA data showed domestic production falling another 12,000 barrels per day (bpd), or 1.3%, to 924,000 bpd for the week profiled to the lowest level since the week-ended Oct. 17 last year, while down 1.6% year over year.
Blender inputs, a proxy for ethanol demand, rebounded last week, rising 18,000 bpd, or 2.0%, to 885,000 bpd for the week-ended April 10, while up 4.7% year over year.
Implied demand for gasoline also bounced back from the prior week's drop, rising last week by 304,000 bpd to 8.914 million bpd, 3.5% higher than the same week last year.
(BM/AG)
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