EIA: Ethanol Stocks, Demand Down
NEW YORK (DTN) -- The U.S. Energy Information Administration on Wednesday, Sept. 16, reported a drawdown in domestic ethanol inventory to a near 8-1/2 month low for the week-ended Sept. 11, despite an increase in domestic production while blending demand slid to a 3-1/2 month low.
EIA reported a 351,000-barrel (bbl), or 1.9%, drawdown in U.S. ethanol inventory to 18.291 million bbl last week, with a year-on-year surplus flipping to a deficit. The data showed domestic inventory last week was 2.7% below the comparable year-ago period, reversing from a 3.4% surplus a week prior.
P[L1] D[0x0] M[300x250] OOP[F] ADUNIT[] T[]
Stock draws were seen along the PADD 3 Gulf Coast and PADD 2 Midwest regions while PADD 5 West Coast posted a gain.
EIA showed domestic ethanol production rose 3,000 barrels per day (bpd) to 961,000 bpd while up 3.2% year on year.
Blender inputs, a gauge for ethanol demand, fell last week, down 18,000 bpd, or 2.0%, to 878,000 bpd while up 3.8% versus a year earlier.
Data shows implied demand for gasoline continued lower and slipped below 9.0 million bpd for the first time since late May to 8.983 million bpd, although the decline at 34,000 bpd was much smaller than the prior week.
(BM/AG)
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