Good Morning,
According to EIA data analyzed by the Renewable Fuels Association for the week ending July 28, ethanol production scaled back 2.5% to 1.067 million b/d, equivalent to 44.81 million gallons daily. However, output was 2.3% more than the same week last year and 4.1% above the five-year average for the week. The four-week average ethanol production rate increased 0.2% to 1.066 million b/d, equivalent to an annualized rate of 16.34 billion gallons (bg).
Ethanol stocks tightened by 1.6% to 22.9 million barrels. Stocks were 2.3% less than a year ago but 1.7% above the five-year average. Inventories thinned 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 1.1% to 8.84 million b/d (135.49 bg annualized). Demand was 3.5% more than a year ago but 3.8% below the five-year average.
Refiner/blender net inputs of ethanol perked up, rising 1.2% to a 9-week high of 924,000 b/d, equivalent to 14.16 bg annualized. Net inputs were 1.8% more than the same week last year and 1.1% above the five-year average.
Ethanol exports were estimated at 141,000 b/d (5.9 million gallons per day), a 64% increase over the prior week and the largest volume since April 2022. There were zero imports recorded for the 34th consecutive week.
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