Good Morning,

According to EIA data analyzed by the Renewable Fuels Association for the week ending April 18, ethanol production rose 2.1% to 1.03 million b/d, equivalent to 43.39 million gallons daily. Output was 8.3% higher than the same week last year and 7.5% above the three-year average for the week. Still, the four-week average ethanol production rate decreased 0.5% to 1.03 million b/d, equivalent to an annualized rate of 15.86 billion gallons (bg).

Ethanol stocks contracted 5.0% to a 14-week low of 25.5 million barrels. Stocks were 1.0% less than the same week last year but 3.3% above the three-year average. Inventories thinned across all regions.

The volume of gasoline supplied to the U.S. market, a measure of implied demand, spiked 11.3% to 9.41 million b/d (144.71 bg annualized) —the highest weekly level since early October 2024. Demand was 11.8% more than a year ago and 5.9% above the three-year average.

Refiner/blender net inputs of ethanol climbed 2.1% to a 25-week high of 921,000 b/d, equivalent to 14.16 bg annualized. Net inputs were 2.4% more than year-ago levels and 3.0% above the three-year average.

Ethanol exports eased 45.3% to an estimated 75,000 b/d (3.2 million gallons/day). It has been more than a year since EIA indicated ethanol was imported.

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