Ethanol Stocks Build Despite Production Drop
Producers have cut production more than 4% from near-two-year high
Domestic ethanol inventory continued to build in the week ended Jan. 17, though producers cut production more than 4% from a near-two-year high and blending demand continued to rise, according to data released Thursday, Jan. 23, by the Energy Information Administration.
Progressive Farmer reports that data show U.S. ethanol supply increased for a third straight week, up 1.025 million barrels (bbl) in the week ended Jan. 17 to 24.031, a 25-week high while 2.1% more than the same week last year.
Plant operators slashed production by 46,000 barrels per day (bpd), or 4.2%, to 1.049 million bpd, which was about 2% more than the same week last year.
For the four weeks ended Jan. 17, output averaged 1.068 million bpd versus 1.023 million bpd in the same four weeks of 2019.
Read the full report here.