Good morning,

According to EIA data analyzed by the Renewable Fuels Association for the week ending January 9, ethanol production skyrocketed by 8.9% to a record high of 1.20 million b/d, equivalent to 50.23 million gallons daily. Output was 9.2% higher than the same week last year and 13.7% above the three-year average for the week. The four-week average ethanol production rate increased 1.4% to 1.13 million b/d, equivalent to an annualized rate of 17.32 billion gallons (bg).

Ethanol stocks scaled up 3.5% to 24.5 million barrels. Yet, stocks were 2.1% less than the same week last year and 0.9% below the three-year average. Inventories built across all regions except the Midwest (PADD 2).

The volume of gasoline supplied to the U.S. market, a measure of implied demand, improved 1.6% to 8.30 million b/d (127.65 bg annualized). Demand was 0.3% less than a year ago but 1.1% above the three-year average.

Refiner/blender net inputs of ethanol rebounded 9.1% to 841,000 b/d, equivalent to 12.93 bg annualized. Net inputs were 1.4% more than year-ago levels and 1.0% above the three-year average.

Ethanol exports strengthened by 5.3% to an estimated 119,000 b/d (5.0 million gallons/day). It has been more than a year since EIA indicated ethanol was imported.

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