Low ethanol production helps to draw down significant stocks

In Washington, DTN reports that ethanol production continued to be below consumption last week as the industry pulls together to work through massive stocks that have further pushed down prices in the wake of the global pandemic. Ethanol production rose 19,000 bpd on the week to 617,000 bpd but the stocks drawdown was a whopping 1.4 billion barrels, bringing stocks down to a seven-week low of 24.2 million barrels. Although greater blending was seen across all regions last week, gasoline demand is still down 1.75 million bpd compared to the same period last year.