Average daily ethanol production back above 1 million barrels
U.S. ethanol production was up last week, the second week in a row with a gain.
The U.S. Energy Information Administration says production averaged 1.008 million barrels a day, a jump of 65,000 on the week as plants resumed full schedules after the holidays.
The average was down 45,000 barrels on the year due to some industry uncertainties about demand with gasoline prices spiking in parts of the country due to movement delays caused by winter storms which was followed by increases in demand as that weather eased.
The Renewable Fuels Association says the volume of gasoline supplied to consumers was 6.6% higher than the previous week and net ethanol inputs by refiners and blenders were up 8.6%.
U.S. ethanol stocks fell 398,000 barrels from the week before to 23.402 million barrels, which was 190,000 below a year ago.
Iowa State University’s Center for Agricultural and Rural Development says margins for the average Iowa plant declined slightly, while holding just about unchanged when compared to this time last year.
The USDA’s next corn for ethanol use projection is out February 8th.