EIA: Ethanol Stocks Drawn Down

OAKHURST, N.J. (DTN) -- Energy Information Administration data shows domestic ethanol inventories declined during the week-ended June 15 despite another weekly gain in ethanol plant production, which reached the highest level since mid-February.

EIA reports ethanol inventories declined 527,000 barrels (bbl) to 21.647 million bbl during the week profiled, down 3.1% versus the same week in 2017.

East Coast PADD 1 supply fell for the first time in three weeks, down to 7.024 million bbl from 7.388 million bbl the prior week. Supply fell to a 9.1% year-over-year supply deficit.

Midwest PADD 2 ethanol supply rose 339,000 bbl to 7.660 million bbl during the week-ended June 15, 1.3% higher than the same week in 2017.

At the Gulf Coast PADD 3, stockpiles fell 261,000 bbl to 4.431 million bbl, a 10% year-over-year supply surplus. Data showed PADD V West Coast supply fell to 2.193 million bbl from 2.422 million bbl a week earlier.

Plant production rose 11,000 barrels per day (bpd) to 1.64 million bpd during the week-ended June 15, the highest level since the week-ended Feb. 16 at 1.068 million bpd and 7.5% higher than the same time in 2017. Four-week average production at 1.050 million bpd as of June 15 was 47,000 bpd higher than the corresponding four weeks in 2017.

Net refiner and blender inputs, a measure for ethanol demand, fell 12,000 bpd to 935,000 bpd during the week-ended June 15, 8,000 bpd lower than versus a year ago. For the four weeks ended June 15, blending demand averaged 931,000 bpd, down 1,000 bpd versus the same period in 2017.