U.S. ethanol supply at multi-month high
The U.S. ethanol supply is at its largest since May.
The U.S. Energy Information Administration says stocks climbed 843,000 barrels on the week to 22.083 million, which is 268,000 barrels above a year ago even as production remains below year levels because of blending demand concerns caused by lower travel because of COVID-19.
Production averaged 991,000 barrels a day, 17,000 more than the previous week, but 81,000 less than this time last year.
The Renewable Fuels Association says net blender inputs and the volume of gasoline supplied to the market were down on both the week and the year.
Ethanol imports into the West Coast averaged 21,000 barrels a day.
The USDA’s next corn for ethanol use estimate is out on the 10th. In November, the USDA put 2020/21 consumption at 5.05 billion bushels, unchanged from October and above the 2019/20 total of 4.852 billion bushels.