U.S. ethanol production, supply down on week
Ethanol production declined last week while stocks tightened for the third week in a row.
The U.S. Energy Information Administration says production averaged 941,000 barrels a day, down 34,000 on the week, but up 371,000 on the year, during the early stages of the COVID-19 pandemic, which caused many plants to either idle or reduce production because of concerns about blending demand.
The Renewable Fuels Association says net inputs by refiners and blenders hit a more than one-year high last week, while that measure of demand and the volume of gasoline supplied to the market were both slightly higher than the previous week and sharply above year ago levels.
Ethanol stocks slid 124,000 barrels on the week to a 21-week low of 20.518 million barrels, which was 6.951 million barrels under this time last year.
The USDA says Midwest cash corn prices were up last week and ethanol was steady to higher.
The USDA’s next corn for ethanol use estimate is out May 12th.