Ethanol Stocks Flat
CRANBURY, N.J. (DTN) -- Ethanol supply in the United States was unchanged at an 18.2 million barrel (bbl) three-week high during the week-ended June 27 while production inched higher and blending demand slipped, the Energy Information Administration reported midmorning Wednesday.
The EIA showed a 1.0 million bbl increase in ethanol stocks held in the PADD 2 Midwest to 6.1 million bbl last week countered by a 1.0 million bbl drawdown in PADD 5 West Coast supply to 2.0 million bbl. Stocks were flat at 6.9 million bbl for the PADD 1 East Coast, unchanged at 2.9 million bbl for the PADD 3 Gulf Coast, and steady at 300,000 bbl for the PADD 4 Rocky Mountain region.
P[L1] D[0x0] M[300x250] OOP[F] ADUNIT[] T[]
Total U.S. ethanol stocks at 18.2 million bbl were 2.8 million bbl, or 18.2%, above the comparable year-ago period while 2.1 million bbl, or 10.3%, below supply held two years prior.
Production at domestic ethanol plants ramped up 15,000 barrels per day (bpd) to 953,000 bpd, while 90,000 bpd, or 10.4%, above the year-ago output rate. During the four-week period ended June 27, ethanol production averaged 952,000 bpd, 76,000 bpd, or 8.7%, higher than during the comparable year-ago period.
Refiner and blender net ethanol inputs eased 8,000 bpd to 883,000 bpd, and are slightly below the year-ago 887,000 bpd input rate. For the four weeks ended June 27, blending demand for ethanol averaged 884,000 bpd, up 20,000 or 2.3% from a year ago. The input rate offers a proxy for demand for ethanol.
Implied gasoline demand jumped 355,000 bpd to 9.168 million bpd for the week profiled, although down 126,000 bpd from a year ago when the demand figure was 9.294 million bpd. For the four-week period ended June 27, gasoline supplied to market averaged 8.966 million bpd, up 0.5% from 2013, while year-to-date is up 1.6% from 2013 at 8.703 million bpd.
(BM/AG)
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