U.S. ethanol supplies in late December receded from the 6 ½-month highs reached earlier in the month but remain relatively abundant, CME Group said in a report.
During the week ended December 28, nationwide ethanol inventories totaled 20.21 million barrels, down 3% from two weeks earlier, according to Energy Department data. Stockpiles are up nearly 13% over the same week a year earlier.
“The recent rise in ethanol inventories tracks to some extent with the 13% surge in gasoline inventories seen in the past six reporting weeks,” CME Group said in its bi-weekly Ethanol Outlook Report released January 7.
In futures trading, CBOT Denatured Fuel Ethanol futures extended a sharp sell-off to hit six-month lows at the end of last week, partly in response to a drop in corn prices. In trading January 7, February ethanol rose 1.3 cents to $2.194 a gallon.
Click here for more of the CME Group’s bi-weekly Ethanol Outlook Report.
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