Good morning,

According to EIA data analyzed by the Renewable Fuels Association for the week ending October 31, ethanol production ramped up 2.9% to a record high of 1.12 million b/d, equivalent to 47.17 million gallons daily. Output was 1.6% higher than the same week last year and 5.3% above the three-year average for the week. The four-week average ethanol production rate increased 1.2% to 1.10 million b/d, equivalent to an annualized rate of 16.91 billion gallons (bg).

Ethanol stocks grew 1.3% to 22.7 million barrels. Stocks were 2.9% more than the same week last year and 4.2% above the three-year average. Inventories built across all regions except the Rocky Mountains (PADD 4) and West Coast (PADD 5).

The volume of gasoline supplied to the U.S. market, a measure of implied demand, slipped 0.6% to 8.87 million b/d (136.41 bg annualized). Demand was 0.5% more than a year ago but 2.6% below the three-year average.

Refiner/blender net inputs of ethanol followed, down 0.8% to 904,000 b/d, equivalent to 13.90 bg annualized. Net inputs were 1.5% less than year-ago levels but 0.7% above the three-year average.

Ethanol exports scaled back 38.9% to an estimated 107,000 b/d (4.5 million gallons/day). It has been more than a year since EIA indicated ethanol was imported.

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