Ethanol Supply Surges; Output Down
CRANBURY, N.J. (DTN) -- The domestic supply of ethanol increased to its highest point since early October even as U.S. ethanol production plants dialed back output to a one-month low during the week-ended Dec. 26, the Energy Information Administration reported midmorning on the final day of 2014.
The EIA reported a 500,000 barrel (bbl) build in domestic ethanol supply for the week reviewed, which pushed inventory above 18.0 million bbl to 18.1 million bbl and near a two-month high.
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Ethanol inventory in the PADD 1 East Coast surged 400,000 bbl to a 6.0 million bbl 1-1/2 month high, with supply in the PADD 2 Midwest up 100,000 bbl to 6.3 million bbl. Ethanol supply in the PADD 3 Gulf Coast increased 200,000 bbl to 3.4 million bbl. Supply along the PADD 5 West Coast was unchanged at 2.1 million bbl, and flat at 400,000 bbl for the PADD 4 Rocky Mountain region, with rounding affecting totals.
U.S. ethanol producers ratcheted down output by 20,000 barrels per day (bpd) to 972,000 bpd, which was still well above the comparable year-ago period when production averaged 913,000 bpd and during the same week in 2012 when output was 807,000 bpd. During the four weeks ended Dec. 26, U.S. ethanol production averaged 985,000 bpd, 57,000 bpd, or 6.1%, more than during the same timeline in 2013.
There were 18,000 bpd of ethanol imported to the United States last week, with all the supply received along the East Coast.
Refiner and blender net inputs eased 24,000 bpd to an 856,000 bpd three-week low last week, and near its four-week average through Dec. 26 of 858,000 bpd. For the same week in 2013, ethanol inputs averaged 808,000 bpd, with the comparable four-week average for last year down 24,000 bpd at 834,000 bpd.
Gasoline supplied to market, also referred to as implied demand, again increased, up 96,000 bpd to 9.614 million bpd, the highest weekly rate of demand since July 2010. During the four weeks ended Dec. 26, implied gasoline demand averaged 406,000 bpd, or 4.6%, more than during the same four weeks in 2013, with gasoline demand for 2014 through Dec. 26 up 97,000 bpd, or 1.1%, versus a year ago.
(BM/AG)
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