CRANBURY, N.J. (DTN) -- Ethanol supply in the United States increased for the fourth consecutive week through July 19, up 300,000 barrels (bbl) to a 3 1/2-month high at 23.7 million bbl, while domestic plant output slumped to a 2 1/2-month low, the Energy Information Administration reported on Wednesday, July 24.
EIA data shows ethanol stocks were drawn down 400,000 bbl in the PADD 2 Midwest producer region to 7.9 million bbl, albeit are 6.8% above the year-ago stock level.
Ethanol inventory increased in the destination markets, with PADD 1 East Coast supply up 200,000 bbl to 7.4 million bbl, 4.2% more than during the comparable week a year ago. PADD 3 Gulf Coast inventory built by 200,000 bbl during the week profiled to 5.1 million bbl, 18.6% more than year ago, with PADD 5 West Coast stockpiles jumping 500,000 bbl to 3.1 million bbl, 24% above year ago.
The large and widespread supply gains came despite a 27,000 barrel per day (bpd), or 2.5%, drop in output at U.S. production plants to 1.039 million bpd, the lowest production rate since the start of May. Plant output is down 35,000 bpd, or 3.3%, against year ago. During the four weeks ended July 19, U.S. plant production averaged 1.058 million bpd compared to a 1.059 million bpd production rate during the comparable period a year ago.
Net ethanol inputs by refiners and blenders increased 32,000 bpd, or 3.5%, to 942,000 bpd, matching the year-ago weekly blend rate. During the four weeks ended July 19, the ethanol blend rate averaged 936,000 bpd, which compares with the year ago pace of 934,000 bpd.
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