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Argo Ethanol Gain to 11wks High as Stocks Drop 5%% on Week
5/28 5:00 PM
Argo Ethanol Gain to 11wks High as Stocks Drop 5% on Week WASHINGTON, D.C. (DTN) -- Spot ethanol values across U.S. trade hubs posted various results in afternoon trade Thursday after weekly inventory data reported nationwide stockpiles eroded for the fifth straight week through May 22 and production increased to a fresh eight-week high at 724,000 bpd, outpacing refiner and blender net inputs on the week. Energy Information Administration reported ethanol inventories in the United States fell 400,000 bbl to a 23.2 million bbl 19-week low, with declines realized in East Coast PADD 1 stocks, down 100,000 bbl, Gulf Coast PADD 3 and West Coast PADD 5, both down by 200,000 bbl on week. The stock decline was realized with a 32,000 bpd increase in refiner and blender net inputs during the week to a 712,000 bpd nine-week high, although down from a 948,000 blend rate year prior. Plant operators increased run rates by 61,000 bpd to a 724,000 bpd eight-week high, the fourth consecutive week with higher output after falling to a more than 10-year low at 537,000 bpd. Liubov Georges, 1.646.359.4088,, (c) Copyright 2020 DTN, LLC. All rights reserved.