Good morning,

According to EIA data analyzed by the Renewable Fuels Association for the week ending October 17, ethanol production ramped up 3.5% to a 19-week high of 1.11 million b/d, equivalent to 46.70 million gallons daily. Output was 2.9% higher than the same week last year and 5.8% above the three-year average for the week. The four-week average ethanol production rate increased 2.1% to 1.06 million b/d, equivalent to an annualized rate of 16.34 billion gallons (bg).

Ethanol stocks retreated 3.1% to 21.9 million barrels, a 51-week low. Stocks were 1.4% less than the same week last year and 0.2% below the three-year average. Inventories thinned across all regions except the Gulf Coast (PADD 3), with stocks in the East Coast (PADD 1) falling 7.0% to nearly a 3-year low and the Midwest (PADD 2) down 2.5% to the lowest level since mid-December 2024.

The volume of gasoline supplied to the U.S. market, a measure of implied demand, incrementally declined to a 20-week low of 8.45 million b/d (129.95 bg annualized). Demand was 4.3% less than a year ago and 4.8% below the three-year average.

Refiner/blender net inputs of ethanol ticked down 0.4% to 911,000 b/d, equivalent to 14.00 bg annualized. Net inputs were 0.4% less than year-ago levels and 0.2% below the three-year average.

Ethanol exports bounded 20.4% higher to an estimated 130,000 b/d (5.5 million gallons/day). It has been more than a year since EIA indicated ethanol was imported.

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