Ethanol Stocks Tumble, Production Soars
NEW YORK (DTN) -- The U.S. Energy Information Administration released a report late morning Thursday showing ethanol stocks in the United States fell to the lowest level this year while domestic output rose to a five-month high during the week-ended May 22.
The report shows total ethanol inventories were drawn down 300,000 barrels (bbl), or 1.6%, to 20.1 million bbl last week, trimming a year-on-year surplus to 2.6 million bbl or 14.9%.
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The EIA report showed soaring production, as domestic output jumped 11,000 barrels per day (bpd), or 1.15%, last week to a 969,000 bpd, the highest since Dec. 26, 2014, while up 4.5% year over year.
Blender inputs, a gauge for ethanol demand, eased last week, down 1,000 bpd to 905,000 bpd, while up 1.12% year over year.
Implied demand for gasoline surged 473,000 bpd last week to 9.734 million bpd, 4.6% higher than the same week last year, EIA data showed.
(BM/AG)
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