PDF attached
EIA reported a build in WTI crude oil inventories while the trade was looking for a draw. That sent WTI lower at 9:30 am CT, pressuring CBOT ag related markets.
US DoE Crude Oil Inventories (W/W) 29-Jul: +4.467M (est -1.500M; prev -4.523M)
– Distillate: -2.400M (est +1.000M; prev -0.784M)
– Cushing: +926K (prev +751K)
– Gasoline: +163K (est -1.500M; prev -3.304M)
– Refinery Utilization: -1.2% (est 0.3%; prev 1.5%)
EIA: US Crude Stocks In SPR Fell In Latest Week To Lowest Since May 1985
EIA’s weekly petroleum status report was seen friendly for corn. Weekly ethanol production increased 22,000 barrels to 1.043 million, highest since July 1, and ethanol stocks were up 66,000 barrels to 23.394 million after a two-week decline. A Bloomberg poll looked for weekly US ethanol production to be down 1,000 barrels from the previous week and stocks down 65,000 barrels. US gasoline demand fell 704,000 barrels to 8.541 million barrels from the previous week. The ethanol blend rate into finished motor gasoline was 91.8%.
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
One Lincoln Center
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Weekly_EIA_Ethanol_Data-FI080322.pdf