U.S. ethanol production up, but still down on year
U.S. ethanol production moved modestly higher last week, while the supply tightened.
The U.S. Energy Information Administration says last week’s production averaged 941,000 barrels a day, an increase of 19,000 from the week before, but a decrease of 82,000 from last year as the industry continues to grapple with blending demand uncertainties caused by COVID-19. The Renewable Fuels Association says two indicators of demand declined, with the volume of gasoline supplied to the market at a twelve-week low and net inputs of ethanol hitting an eight-week low.
Stocks of 19.993 million barrels were 889,000 lower than prior week and 2.506 million barrels under year ago levels.
The USDA’s next corn for ethanol use estimate is out Friday.