PDF attached
Weekly ethanol update
· The US weekly EIA ethanol data was viewed slightly supportive for US corn futures.
· Weekly US ethanol production increased 23,000 barrels from the previous week to 1.014 million barrels per day (bbl). This was the largest weekly increase since the week ending May 4, 2022.
· Ethanol stocks decreased 79,000 barrels to 23.712 million, second consecutive weekly decline.
· For comparison, A Bloomberg poll looked for weekly US ethanol production to increase 8,000 barrels from the previous week and stocks to increase 45,000 barrels.
· US ethanol production of 1.014 barrels per day is about 0.3% above from about the same time a year ago.
· Early September 2021 to date US ethanol production is running 8.5% above the same period a year ago.
· There were no ethanol imports reported this week.
· Days of inventory of 23.5 compares to 25.3 a month ago and 19.2 during comparable period a year ago.
· Weekly gasoline stocks fell 482,000 barrels to 219.7 million barrels. Gasoline stocks fell 8 consecutive weeks.
US DoE Crude Oil Inventories Change (W/W) 20-May: -1019K (est -2129K; prev -3394K)
– Distillate Inventories: 1657K (est 1000K; prev 1235K)
– Cushing OK Crude: -1061K (prev -2403K)
– Gasoline Inventories: -482K (est -1641K; prev -4779K)
– Refinery Utilization: 1.40% (est 0.70%; prev 1.80%)
EIA: US Crude Stocks In SPR Last Week Fell To Lowest Level Since Sept 1987
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
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Weekly_EIA_Ethanol_Data-FI052522.pdf