EIA: Ethanol Stocks at 25wks High despite Production Drop
OAKHURST, N.J. (DTN) --- Domestic ethanol inventory continued to build in
the week-ended Jan. 17 though producers cut production more than 4% from a near
two year high and blending demand continued to rise, according to data released
this morning from the Energy Information Administration.
Data show U.S. ethanol supply increased for a third straight week, up 1.025
million bbl in the week ended Jan. 17 to 24.031, a 25-week high while 2.1% more
than the same week last year.
Ethanol supply in PADD 1 East Coast was higher for a third week, up 556,000
bbl to 8.052 million bbl, an 8% year-over-year supply surplus while PADD 2
Midwest inventories rose 225,000 bbl to 8.228 million bbl. PADD 2 stocks are on
par with the corresponding week in 2019.
PADD 3 Gulf Coast ethanol supply posted a third consecutive weekly build, up
349,000 bbl to 4.669 million bbl in the week-ended Jan. 17, 6.8% higher than
the same week in 2018. PADD 5 West Coast ethanol supply declined for a second
week, down 87,000 bbl to 2.687 million bbl during the week reviewed.
Plant operators slashed production by 46,000 bpd or 4.2% to 1.049 million
bpd, which was about 2% more than the same week last year. For the four weeks
ended Jan. 17, output averaged 1.068 million bpd versus 1.023 million bpd in
the same four weeks of 2019.
Refiner and blender net inputs rose for a second week, up 10,000 bpd to
average 864,000 bpd during the week reviewed, down 19,000 bpd from the same
week in 2019. During the four weeks ended Jan. 17, blending activity averaged
851,000 bpd, down 6,000 bpd against year ago.
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