PDF attached
US weekly ethanol production fell 17,000 barrels to 997,000, lowest since January 6, and stocks decreased 206,000 barrels to 26.188 million. For comparison, a Bloomberg poll looked for weekly US ethanol production to be up 8,000 thousand and stocks down 400,000 barrels. Early Sep 2022 to date ethanol production is running about 3.9 percent below the same period year earlier. UUS gasoline stocks of 229.6 million barrels were down 6.4 million from the previous week, its fifth weekly consecutive decline. Implied gasoline demand was 8.960 million barrels, a 366,000-barrel increase from the previous week. Gasoline demand, when looking at the past 4 weeks, is running slightly below year ago. Ethanol blended into finished motor gasoline fell to 89.7% from 92.3% previous week. We are in the process of reforecasting US corn for ethanol demand for last half 2022-23, but likely remain more than 25 million bushels below USDA.
US DoE Crude Oil Inventories (W/W) 17-Mar: +1.117M (est -1.800M; prev +1.550M)
– Distillate Inventories: -3.313M (est -1.500M; prev -2.537M)
– Cushing OK Crude Inventories: -1.063M (prev -1.916M)
– Gasoline Inventories: -6.399M (est -2.364M; prev -2.061M)
– Refinery Utilization: 0.40% (est 1.00%; prev 2.20%)
| Terry Reilly Senior Commodity Analyst – Grain and Oilseeds |
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Weekly_EIA_Ethanol_Data-FI032223.pdf