US weekly ethanol consumption underperformed a bounce in gasoline demand according to this week’s DoE fuel stats. Ethanol production followed a similar path to last week, with production dropping once again to 948Mbbl/d and another build on stocks of 374Mbbl, leaving stocks 1,000Mbbl above the five year average.
Gasoline production rose slightly after plummeting 4.5% last week, sitting today at 9,799Mbbl/d. This was accompanied by a draw in stocks of 271Mbbl following a build last week.
Crude production dropped 119Mbbl/d following huge volatility in the energy markets and further uncertainty over China’s growth prospects this week. A build on stocks of 4,667Mbbl leaves crude oil stocks sitting 100,000Mbbl higher than this time last year. Distillates production increased 0.3%, accompanied by a stock build of 115bbl. Refinery utilisation is slowing down once more, dropping to 92.8% capacity.