PDF attached
US ethanol production for the week ending January 13 increased a more than expected 65,000 barrels to 1.008 million and stocks decreased 398,000 barrels to 23.402 million. A Bloomberg poll looked for weekly US ethanol production to be up 41,000 thousand barrels stocks up 107,000 barrels. The recovery in US ethanol production was aided by above normal temperatures since late December and very good ethanol margins since the start of the year. The average production change over the past four weeks is down 5,000 barrels while stocks are off 166,000. Early September 2022 through January 13 ethanol production is still running well below, by 5.2%, from the comparable period year ago and 4.2 percent below pre pandemic levels. US gasoline stocks increased by 3.5 million barrels to 230.3 million barrels, and implied gasoline demand increased 496,000 barrels to 8.054 million. US gasoline demand is down about 2 percent from the same week a year ago and off nearly 6 percent from mid-January 2020. Refinery and blender net input of oxygenates fuel was 834,000 barrels, up 66,000 from the previous week. Net production of combined finished reformulated and conventional motor gasoline with ethanol was 8.223 million barrels, up 649,000 barrels from the previous week and represents 91.1 percent of total finished motor gasoline, same percentage blending rate as the previous week. We remain 25 million bushels below USDA for US 2022-23 corn for ethanol use.
US DoE Crude Oil Inventories (W/W) 13-Jan: +8.408M (est -3.000M; prev +18.961M)
– Distillate: -1.939M (est -200K; prev -1.069M)
– Cushing: +3.646M (prev +2.511M)
– Gasoline: +3.483M (est +2.400M; prev +4.114M)
– Refinery Utilization: +1.2% (est +3.5%; prev +4.5%)
Terry Reilly
Futures International
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Weekly_EIA_Ethanol_Data-FI011923.pdf