NEW YORK (DTN) -- Domestic ethanol inventories plunged during the week-ended Oct. 23 to the lowest level this year while demand increased to a two-month high, the U.S. Energy Information Administration said on Wednesday, Oct. 28.
The report showed ethanol stocks fell by about 599,000 barrels (bbl) to 18.273 million bbl, the lowest inventory point since Dec. 26, 2014, although up 7.2% versus a year ago. Most of the stock draw was reported in PADD 1 East Coast, with moderate declines in PADD 2 Midwest and PADD 3 Gulf Coast.
The report showed domestic ethanol production fell 7,000 barrels per day (bpd) to 944,000 bpd while up 0.6% year-on-year. There were no imports reported for the week.
Blender inputs, a gauge for ethanol demand, increased 18,000 bpd or 2.0% to 915,000 bpd while up 37,000 bpd or 4.2% versus a year earlier.
EIA reports implied demand for gasoline continued higher, rising 186,000 bpd during the week-ended Oct. 23 to 9.343 million bpd, while up 5.4% versus a year ago.
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