PDF attached
- The US weekly EIA ethanol data was viewed bearish for US corn futures and friendly for US ethanol futures.
- Weekly US ethanol production decreased 48,000 barrels from the previous week to 947 thousand barrels per day (bbl), lowest level since September 24, 2021.
- Ethanol stocks decreased 461,000 barrels to 24.342 million, third consecutive weekly decline and stocks are down 2.187 million barrels over the past three weeks.
- For comparison, A Bloomberg poll looked for weekly US ethanol production to decrease 6,000 barrels from the previous week and stocks to decrease 77,000 barrels.
- US ethanol production of 947 thousand barrels per day is up 0.6% below from about the same time a year ago but down 8.2% from a month ago.
- Early September 2021 date (33 weeks) US ethanol production is running 9.8% above the same period a year ago.
- There were no ethanol imports reported this week. Last reported was late January.
- The net blender input of fuel ethanol was down 1,000 from the previous week at 886,000 bpd, above its 4-week average of 864,000 bpd.
- Net production of finished reformulated and conventional motor gasoline with ethanol, increased 13,000 to 8.749 million barrels, or 93.0 percent of the net production of all finished motor gasoline, up from 92.1 percent for the previous week.
- For 2021-22, we are using 5.400 billion bushels corn for ethanol production, compared to 5.375 billion by USDA.
US DoE Crude Oil Inventories (W/W) 15-Apr: -8020K (est 3000K; prev 9382K)
– Distillate Inventories: -2664K (est -800K; prev -2902K)
– Cushing OK Crude Inventories: -185K (prev 450K)
– Gasoline Inventories: -761K (est -1100K; prev -3648K)
– Refinery Utilization: 1.00% (est 0.50%; prev -2.50%)
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
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Weekly_EIA_Ethanol_Data-FI042022.pdf