In the week ending Nov. 5, ethanol blending and refining use was at 893,000 barrels per day (bpd), the lowest weekly volume since mid-May and about 1 percent below the five-year average.
Lower use helped ethanol stocks rise to a two-month high of roughly 20.3 million barrels, which is almost 5 percent below the five-year average.
U.S. ethanol production averaged a one-month low at just under 1.1 million bpd, still nearly 5 percent above the five-year average as favorable margins continue to incentivize producers.
U.S. exporters shipped 75.8 million gallons of ethanol in September, bringing cumulative YTD exports to 872.2 million gallons, down 10 percent YOY. Lower exports are tied to decreased fuel demand and supply chain issues, both stemming from the pandemic.
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