WASHINGTON (DTN) -- Domestic ethanol stocks posted the first draw in three weeks as blending demand continued higher during the third week of November, reaching the highest level since late October, Energy Information Administration data released Wednesday, Nov. 21, shows.
Total domestic ethanol inventories were drawn down 723,000 barrels (bbl) in the week ended Nov. 16 to 22.791 million bbl, which is still about 4% higher than the corresponding week in 2017. Data showed ethanol stocks at the East Coast PADD 1 dropped 360,000 bbl to 7.449 million bbl, a 5.7% year-over-year supply surplus. At the Midwest PADD 2, stockpiles declined 211,000 bbl to 7.264 million bbl, 8.8% lower than inventory on-hand last year. Gulf Coast PADD 3 stocks posted a 133,000 bbl draw to 4.555 million bbl, a steep 21.1% above a year ago while West Coast PADD V ethanol inventories stayed flat at 3.2 million bbl.
Plant production decreased 25,000 barrels per day (bpd) to 1.042 million bpd during the week ended Nov. 16, 2.3% lower than the corresponding week in 2017, and at the lowest level since the week of Oct. 19. Four-week averaged production was 1.059 million bpd versus 1.060 million bpd during the corresponding four week period in 2017.
Net refiner and blender inputs, a measure for ethanol demand, rose for a third straight week, up 2,000 bpd to 928,000 bpd during the week-ended Nov. 16, 0.9% above a year ago. For the four weeks ended Nov. 16, blending demand averaged 927,000 bpd, 5,000 bpd above the same period in 2017.
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