CORRECTION: US ethanol output rebounds 17,000 b/d on week, stocks build

US ethanol production hit 991,000 b/d in the week ending December 4, the highest level since Covid-19 restrictions were implemented in March and up from 974,000 b/d in the previous week, data from the EIA showed Wednesday.

Analysts had been expecting a cut of around 7,000 b/d.

Stocks also gained 800,000 barrels on the week to reach 22.1 million barrels, exceeding analyst expectations for a 150-200,000-barrel build.

Demand meanwhile dropped in the week, with blenders taking 755,000 b/d versus 792,000 b/d a week earlier and 858,000 b/d in the same week last year.

Output remains lower than the 1.07 million barrels produced in the same week last year, and the close to 1.01 million barrels in the week ending March 20 just before Covid-19 restrictions were introduced.

In terms of corn usage, approximately 2.55 million mt of corn entered the grind in the week, up from 2.51 million mt in the previous week but down from the 2.86 million mt in the same week last year, according to Agricensus calculations.

This original article incorrectly reported a 100,000-barrel cut to stocks, this revised version has rectified this to reflect the correct 800,000 barrel build to stocks.