PDF attached
US weekly ethanol production data was supportive, in our opinion. Stocks declined a large 635,000 barrels from the previous week to 24.442 million and production rose 16,000 barrels, despite talk of declining processor margins. For reference, a Bloomberg poll looked for weekly US ethanol production to be down 1,000 thousand barrels and stocks up 304,000 barrels. US gasoline stocks increased by 2.576 million barrels to 234.6 million, fourth consecutive weekly increase and implied US gasoline demand increased 349,000 barrels to 8.491 million barrels, also up four consecutive weeks. The ethanol blend rate into finished motor gasoline increased to 91.6% from 90.7 previous week.
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
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Weekly_EIA_Ethanol_Data-FI020123.pdf