Good Morning,

According to EIA data analyzed by the Renewable Fuels Association for the week ending November 24, ethanol production pared back 1.2% to a 7-week low of 1.011 million b/d, equivalent to 42.46 million gallons daily. Output was 0.7% less than the same week last year and 2.0% below the five-year average for the week. The four-week average ethanol production rate decreased 1.0% to 1.031 million b/d, which is equivalent to an annualized rate of 15.81 billion gallons (bg).

Ethanol stocks drew down 1.3% to 21.4 million barrels. Stocks were 6.8% less than the same week last year and 1.2% below the five-year average. Inventories thinned across all regions except the Midwest (PADD 2).

The volume of gasoline supplied to the U.S. market, a measure of implied demand, slid 3.2% to an 8-week low of 8.21 million b/d (125.80 bg annualized). Demand was 1.3% less than a year ago and 4.6% below the five-year average.

Refiner/blender net inputs of ethanol declined 2.2% to 871,000 b/d, equivalent to 13.35 bg annualized and the smallest weekly volume since the start of March. Net inputs were 2.2% less than a year ago and 0.2% below the five-year average.

Ethanol exports were estimated at 151,000 b/d (6.3 million gallons/day), which is 93.6% more than the prior week and the largest volume since the EIA began reporting weekly estimates in May. There were zero imports of ethanol recorded for the tenth consecutive week.

If you have any questions, please let us know.