U.S. ethanol stocks at multi-month high
U.S. ethanol stocks have climbed to their highest levels since May 2020.
The U.S. Energy Information Administration says the domestic supply of 24.316 million barrels was up 714,000 on the week and 842,000 on the year, as slow blending demand caused by reduced travel linked to COVID-19 boosts supplies, even as production remains well below a year ago.
The Renewable Fuels Association says net inputs for blenders and refiners and the volume of gasoline supplied to the market were both fractionally lower than the previous week and sharply lower than this time last year.
Ethanol production last week averaged 936,000 barrels a day, 3,000 more than the prior week, but 145,000 less than a year ago, with higher corn prices and tighter profit margins also limiting production.
The USDA’s next corn for ethanol use estimate is out Tuesday, February 9th.