PDF attached
· The US weekly EIA ethanol data was viewed negative for US corn futures.
· Weekly US ethanol production decreased 11,000 barrels per day to 965,000 barrels. Traders were looking for a 11,000 increase. Stocks were down 72,000 barrels to 23.291 million barrels. The trade estimate for stocks was for a 152,000 increase.
· US ethanol production of 965,000 barrels per day is about 2.6% below from about the same time a year ago.
· Over the past 4 weeks, production changes averaged up 2,000 and stocks down 459,000 barrels.
· Early September 2022 to date (35 weeks) US ethanol production is running 3.1% below the same period a year ago.
· Padd2 production was 912,000 barrels, down 10,000 from a week earlier. Padd1 was unchanged and Padd3 also unchanged.
· There were no ethanol imports reported this week.
· Ethanol stocks of 23.291 million barrels are down about 3.5% from a year ago.
· Days of inventory of 24.2 compares to 26.2 a month ago and 24.1 during comparable period a year ago.
· Weekly ending stocks of total gasoline were down 3.167 million barrels to 219.7 million barrels. Implied gasoline demand was up 685,000 barrels to 9.303 million barrels.
· The net blender input of fuel ethanol was down 14,000 from the previous week at 897,000 bpd, above its previous 4-week average of 896,000 bpd.
· Net production of combined finished reformulated and conventional motor gasoline with ethanol was 8.870 million barrels, down 106,000 barrels from the previous week and represents 92.9 percent of total finished motor gasoline, above 91.7% blending rate previous week.
· For 2022-23 corn for ethanol use, we are using 5.215 billion bushels, 10 million bushels from our previous estimate, and compares to 5.250 billion by USDA and 5.326 billion for 2021-22.
US DoE Crude Oil Inventories (W/W) 05-May: +2.951M (est -2.500M; prev -1.281M)
– Distillate Inventories: -4.170M (est -1.000M; prev -1.190M)
– Cushing OK Crude Inventories: +397K (prev +541K)
– Gasoline Inventories: -3.167M (est -1.500M; prev +1.742M)
– Refinery Utilization: +0.30% (est +0.60%; prev -0.60%)
| Terry Reilly Senior Commodity Analyst – Grain and Oilseeds |
| Futures International One Lincoln Center 18W140 Butterfield Rd. Suite 1450 Oakbrook terrace, Il. 60181 |
| Work: 312.604.1366 ICE IM: treilly1 Skype IM: fi.treilly |
| treilly@futures-int.com
|
| DISCLAIMER: The contents of this communication and any attachments are for informational purposes only and under no circumstances should they be construed as an offer to buy or sell, or a solicitation to buy or sell any future, option, swap or other derivative. The sources for the information and any opinions in this communication are believed to be reliable, but Futures International, LLC does not warrant or guarantee the accuracy of such information or opinions. This communication may contain links to third party websites which are not under the control of FI and FI is not responsible for their content. Trading of futures, options, swaps and other derivatives is risky and is not suitable for all persons. All of these investment products are leveraged, and you can lose more than your initial deposit. Each investment product is offered only to and from jurisdictions where solicitation and sale are lawful, and in accordance with applicable laws and regulations in such jurisdiction. The information provided here should not be relied upon as a substitute for independent research before making your investment decisions. Futures International, LLC is merely providing this information for your general information and the information does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision. Futures International, LLC and its principals and employees may take positions different from any positions described in this communication. Past results are not necessarily indicative of future results. |
Weekly_EIA_Ethanol_Data-FI051023.pdf