Market News & Headlines >> U.S. Ethanol Production Continues Plunge
U.S. ethanol production plummeted along with gasoline demand for a second straight week last week as efforts to fight the coronavirus pandemic continued to cut sharply into U.S. fuel usage.
U.S. ethanol stockpiles still surged to a new record high as the cuts to production did not keep pace with the erosion of demand.
Nationwide ethanol production averaged just 672,000 barrels per day during the week ended April 3, down 20% from a week earlier and 33.1% from a year earlier. Production has now declined five weeks in a row.
U.S. ethanol stockpiles hit a record high of 27.2 million barrels, an increase of 1.5 million barrels or 5.8% versus a week earlier. Ethanol stocks were up 17.2% from a year earlier.
U.S. gasoline demand for the week ended April 3 plunged to 5.065 million barrels per day from 6.659 million the prior week. The four-week average is down 19.2% from a year ago.