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U.S. ethanol stocks hit record high

U.S. ethanol stocks climbed to record levels last week.

The U.S. Energy Information Administration says the total of 24.281 million barrels was up 481,000 from the previous all-time high, set in mid-January 2017. Last week’s total was up 1.137 million barrels on the week and 1.515 million on the year. Supplies typically increase during winter and spring as the industry prepares for summer fuel blends.

Average production was 1.025 million barrels a day, down 32,000 on the week and 20,000 on the year the year, still managing to hold above a million barrels a day for the tenth week in a row. Margins have tightened as corn prices have moved modestly higher, but the industry expects solid demand, despite uncertainties about federal policy towards renewable fuels.