Good morning,

According to EIA data analyzed by the Renewable Fuels Association for the week ending December 12, ethanol production expanded 2.4% to a record high of 1.13 million b/d, equivalent to 47.50 million gallons daily. Output was 2.5% higher than the same week last year and 5.9% above the three-year average for the week. The four-week average ethanol production rate increased 0.9% to 1.12 million b/d, equivalent to an annualized rate of 17.20 billion gallons (bg).

Ethanol stocks dipped 0.7% to 22.4 million barrels. Stocks were 1.3% less than the same week last year and 3.7% below the three-year average. Inventories thinned across all regions except the East Coast (PADD 1).

The volume of gasoline supplied to the U.S. market, a measure of implied demand, ramped up 7.4% to a 15-week high of 9.08 million b/d (139.55 bg annualized). Demand was 1.7% more than a year ago and 3.2% above the three-year average.

Refiner/blender net inputs of ethanol jumped 6.5% to a 7-week high of 906,000 b/d, equivalent to 13.93 bg annualized. Net inputs were 0.3% more than year-ago levels and 1.4% above the three-year average.

Ethanol exports sprang 52.8% to an estimated 191,000 b/d (8.0 million gallons/day), the largest weekly volume since the start of August 2024. It has been more than a year since EIA indicated ethanol was imported.

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