PDF attached
US weekly ethanol production increased 21,000 barrels per day to 1.060 million barrels and stocks unexpectedly fell 205,000 barrels to 20.081 million. Trade was looking for a 19,000-production increase and stocks to build 155,000 barrels. We think USDA is still ow on their
US gasoline stocks are down six consecutive weeks and lowest since November 2017. US gasoline demand was 9.241 million barrels, down 18,000 from the previous week and near where demand was running at this time two years ago (pre-pandemic). The ethanol blend percentage was 91.9% last week, up from 90.8% week earlier. We are using 5.300 billion bushels for corn for ethanol use, 50 million above USDA.
US DoE Crude Oil Inventories (W/W) 12-Nov: -2101K (est +1200K; prev +1002K)
– Distillate Inventories: -824K (est -1000K; prev -2613K)
– Cushing OK Crude Inventories: +216K (prev -34K)
– Gasoline Inventories: -707K (est -750K; prev -1555K)
– Refinery Utilization: 1.2% (est 0.5%; prev 0.4%)
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
One Lincoln Center
18 W 140 Butterfield Rd.
Oakbrook Terrace, Il. 60181
W: 312.604.1366
ICE IM: treilly1
Skype: fi.treilly
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Weekly_EIA_Ethanol_Data-FI111721.pdf