EIA: Ethanol Stocks Down

OAKHURST, N.J. (DTN) -- Domestic ethanol stocks continued lower in the week ended Feb. 8, though plant production rose for the first time in four weeks, up more than 6% to a three-week high, according to Energy Information Administration data released Wednesday, Feb. 13.

EIA reported domestic ethanol stocks were drawn down 481,000 barrels (bbl) in the week profiled to 23.466 million bbl, a four-week low but 2.6% more than the same week in 2018.

Regionally, the East Coast PADD 1 had the greatest weekly supply draw at 248,000 bbl to 7.478 million bbl, a three-week low and 1.3% lower than a year ago. At the Midwest PADD 2, stockpiles declined 45,000 bbl to 7.975 million bbl, leaving stocks at a 2.4% year-over-year supply deficit.

Gulf Coast PADD 3 stocks fell 162,000 bbl to 4.671 bbl, nearly 18% more than inventory on hand the corresponding week in 2018, while West Coast PADD V ethanol inventories dipped 9,000 bbl last week to 2.961 million bbl.

Plant production surged 62,000 barrels per day (bpd) to 1.029 million bpd, the biggest weekly gain in more than a year and the highest output rate in three weeks. Four-week averaged production was 1.010 million bpd versus 1.044 million bpd during the corresponding four-week period in 2018.

Net refiner and blender inputs, a measure for ethanol demand, reversed much of the prior week gain, sliding 14,000 bpd to 873,000 bpd. Versus a year ago, inputs fell 1.0%, data showed. For the four weeks ended Feb. 8, blending demand averaged 878,000 bpd, 20,000 bpd above the same period in 2018.