NEW YORK (DTN) -- The U.S. Energy Information Administration issued a report midmorning Wednesday showing across-the-board increases for domestic ethanol inventories, plant production and blending demand during the week-ended May 12.
The EIA's Weekly Petroleum Status Report showed ethanol inventories surged by roughly 300,000 barrels (bbl), or 1.3%, to about 23.4 million bbl while 2.3 million bbl, or 10.9%, higher year-on-year. Total fuel ethanol stocks are moving closer to the record high of 23.7 million bbl reached at the end of March.
Domestic plant production increased for the second straight week, up 21,000 barrels per day (bpd), or 2.1%, to a 1.027 million bpd seven-week high last week, while up 80,000 bpd, or 8.3%, higher year-on-year. For the four weeks ended last week, fuel ethanol production averaged 1.001 million bpd, up 61,000 bpd or 6.5%.
Net refiner and blender inputs, a gauge for ethanol demand, jumped 23,000 bpd, or 2.5%, to 951,000 bpd, the highest since the week-ended June 24, 2016, when it was also recorded at 951,000 bpd. Blending demand surged 33,000 bpd, or 3.6%, year-on-year. For the four-week period ended May 12, blending demand was up 26,000 bpd, or 2.9%.
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