U.S. ethanol stocks at multi-week low
U.S. ethanol production and stocks both slid lower last week.
The U.S. Energy Information Administration says production averaged 926,000 barrels a day, down 14,000 on the week and 77,000 on the year as the industry continues to struggle with slower blending demand caused by COVID-19. The U.S. Grains Council says it doesn’t expect ethanol production to return to pre-COVID levels until 2022.
The Renewable Fuels Association says the amount of gasoline supplied to the market and blending demand were both up on the week, but also below year ago levels.
The domestic supply hit a five-week low at 19.798 million barrels, falling 195,000 from the week before and 3.44 million from last year.
The USDA’s next corn for ethanol use estimate is out October 9th.