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Ethanol supply surges to multi-month high

Ethanol stocks shot higher last week.

The U.S. Energy Information Administration says the domestic supply climbed 1.675 million barrels from the previous week to 25.077 million, the largest domestic supply in 42 weeks and 601,000 barrels more than a year ago. That build-up can be tied to relatively high gasoline prices impacting fuel demand.

The Renewable Fuels Association says the volume of gasoline supplied to the market was up on the week, while net inputs by ethanol refiners and blenders were down.

Ethanol production averaged 1.012 million barrels a day, an increase of 4,000 from the week before, but a decrease of 23,000 from last year.

Iowa State University’s Center for Agricultural and Rural Development says margins for the average Iowa producer were in positive territory.

The USDA’s next corn for ethanol use estimate is out February 8th.

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