By Kirk Maltais
Stocks of ethanol in the U.S. have jumped to their highest level since mid-February 2021, according to the EIA.
In its latest weekly report, the EIA said that for the week ended Jan. 7, ethanol inventories totaled 22.91 million barrels, well up from last week's total of 21.36 million barrels. It's the highest that stocks have been in nearly a year, and is beyond analyst expectations of rising stocks. Analysts surveyed by Dow Jones this week forecasted inventories to be anywhere between 21.11 million barrels to 22.06 million barrels this week.
Meanwhile, daily ethanol production fell to 1.01 million barrels per day. It's down to the lowest its been since early October, and below analyst projections of daily production anywhere from 1.03 million barrels to 1.05 million barrels per day.
Corn futures trading on the Chicago Board of Trade are down in trading Wednesday morning, with grain traders awaiting the release of the USDA's world supply and demand report at noon ET. The most-active contract is down 0.5% currently, to below $5.98 per bushel.
To see related data, search "U.S. DOE Oil Data: PADD Breakdown" in Dow Jones NewsPlus.
Write to Kirk Maltais at kirk.maltais@wsj.com
(END) Dow Jones Newswires
01-12-22 1119ET
