U.S. #ethanol stocks have stayed steady around the 20M bbl range, suggesting that usage is matching the output increase for now. U.S. gasoline demand is not at record levels, but it showed a good recovery in October and is running a bit above average levels.
U.S. #ethanol output *just* missed a record last week at 1.107M bpd (record is 1.108M from Dec. 2017). Four-week average of 1.085M is also just below Dec. 2017 highs, but it's safe to say that ethanol production is easily running at record levels for the date.
