Ethanol Stocks Ease Off 3-Year High
NEW YORK (DTN) -- The Energy Information Administration released data midmorning Wednesday showing ethanol inventories in the United States eased off a three-year high last week as domestic production fell and blending demand edged up.
Total ethanol stocks fell 100,000 barrels (bbl) to 21.5 million bbl during the week-ended Feb. 27, although up 4.9 million bbl or 29.6% from a year earlier. The weekly decline was registered in PADD 2 Midwest region, where inventories were at 7.4 million bbl.
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Plant production fell for the second-week running, down 16,000 barrels per day (bpd), or 2.0%, last week to 931,000 bpd while up 4.1% year-over-year. The four-week average output rate was up 5.5% from year prior.
Blender inputs, a proxy for ethanol demand, edged up 1,000 bpd to 846,000 bpd, while unchanged on year-over-year basis. The four-week average input rate was up 2.0% from year prior.
EIA reported implied demand for motor gasoline decreased 285,000 bpd to 8.63 million bpd, although 2.6% higher than the same week last year.
(BM/AG)
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