OAKHURST, N.J. (DTN) -- Ethanol inventory in the United States fell for the third time in four weeks, reaching the lowest level in over two years despite a seventh straight weekly gain in ethanol plant production, Energy Information Administration data released Thursday morning shows.
Refiner and blender net ethanol inputs jumped 23,000 barrels per day (bpd) to 940,000 bpd in the week ended Nov. 8, 1.5% more than the same week a year ago. During the four weeks ended Nov. 8, blending demand averaged 930,000 bpd, steady against the corresponding period in 2018.
Ethanol stock levels dropped 889,000 barrels (bbl) to 20.985 million bbl in the week profiled, leaving supply at the lowest level since the week ended Sept. 22, 2017, at 20.740 million bbl.
Data showed ethanol supply draws across all of the major PADDs, with the Midwest PADD 2 producer region registering the first loss in five weeks.
PADD 3 Gulf Coast inventory fell 255,000 bbl to 4.158 million bbl during the profiled week, down about 500,000 bbl from a year ago, while PADD 1 East Coast stocks were drawn down 178,000 bbl to 6.657 million bbl, roughly 1.1 million bbl less than the same week in 2018.
PADD 5 West Coast inventory decreased 126,000 bbl to 2.899 million bbl, about 300,000 bbl lower year-on-year.
In the producer PADD 2 region, ethanol inventory fell 333,000 bbl to a four-week low at 6.924 million bbl, about 600,000 bbl below year ago.
Ethanol output at U.S. plants increased for a seventh straight week, up 16,000 bpd to 1.030 million bpd during the profiled week, the highest level since the week ended Aug. 23. Output in the Midwest was indexed at 957,000 bpd for an increase of 21,000 bpd on the week and also the highest output level since late August. Compared with year ago, U.S. plant production is down 37,000 bpd or 3.5%. During the four weeks ended Nov. 8, plant production averaged 1.011 million bpd, 44,000 bpd below the comparable output rate a year ago.
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