NEW YORK (Dow Jones)--Monthly U.S. ethanol imports declined by nearly 48% in March after rebounding in the first two months of the year from the December 2007 lowest level for the year, according to preliminary data supplied by the federal Energy Information Administration.
March imports of the plant-derived gasoline additive stood at 253,000 barrels, averaging about 8,161 barrels a day over 31 days, down from 483,000 barrels in February, which averaged about 16,655 barrels a day for 29 days.
While the spot-market ethanol price for New York delivery was about 30 cents lower a year ago, steady increases in domestic production weakened the U.S.'s appetite for imports.
The March import level represents a decrease of about 64% on year-ago levels, when total imports stood at 711,000 barrels, or about 22,935 barrels a day, in 16 shipments.
The majority of imports came from Caribbean countries and Central America, with Trinidad leading at 143,000 barrels in two shipments bound for East Coast ports in Maryland by BP Products (BP) and New Jersey by Nobel Americas Corp.
El Salvador exported 109,000 barrels, also in two shipments that were received in Houston by Vitol Group and in Florida by Shell US Trading. Canada exported 1,000 barrels to CHS Inc. (CHSCP) in Montana.
Source: Rose Marton, Dow Jones Newswires; 201-938-2059; rose.marton@dowjones.com