U.S. ethanol stocks are tighter than at any point since late 2016.

The U.S. Energy Information Administration says the supply dropped 1.047 million barrels last week to 19.393 million, which is 4.797 million under year ago levels.

That’s a consequence of some demand improvements, including export demand, and reduced production over the course of the last year because of the COVID-19 pandemic.

Production last week averaged 979,000 barrels a day, a jump of 27,000 barrels on the week and 362,000 on the year, but down 72,000 from this point in 2019.

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