Good morning,

According to EIA data analyzed by the Renewable Fuels Association for the week ending January 30, ethanol production plunged 14.2% to 956,000 b/d, equivalent to 40.15 million gallons daily and the lowest weekly volume since mid-April 2024, reflecting the effects of the winter storm. Output was 14.0% lower than the same week last year and 8.8% below the three-year average for the week. The four-week average ethanol production rate declined 3.2% to 1.10 million b/d, equivalent to an annualized rate of 16.85 billion gallons (bg).

Ethanol stocks decreased 1.0% to 25.1 million barrels. Stocks were 4.8% less than the same week last year and 0.3% below the three-year average. Inventories thinned across all regions except the Rocky Mountains (PADD 4) and West Coast (PADD 5)—the latter rising to a 2-year high.

The volume of gasoline supplied to the U.S. market, a measure of implied demand, shrank 6.9% to 8.15 million b/d (125.33 bg annualized). Demand was 2.1% less than a year ago and 4.3% below the three-year average.

Refiner/blender net inputs of ethanol fell 10.4% to 791,000 b/d, equivalent to 12.16 bg annualized. Net inputs were 8.0% less than year-ago levels and 5.8% below the three-year average.

Ethanol exports expanded 37.6% to an estimated 216,000 b/d (9.1 million gallons/day). It has been more than a year since EIA indicated ethanol was imported.

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