Good Morning,

According to EIA data analyzed by the Renewable Fuels Association for the week ending August 12, ethanol production dropped 3.8% to 983,000 b/d, equivalent to 41.29 million gallons daily and the lowest volume since April. Production was 1.0% more than the same week last year but 2.6% below the five-year average for the week. The four-week average ethanol production volume decreased 1.3% to 1.017 million b/d, equivalent to an annualized rate of 15.59 billion gallons (bg).

Ethanol stocks grew 0.8% to 23.4 million barrels. Stocks were 8.8% higher than a year ago and 6.6% above the five-year average. Inventories built in the Gulf Coast (PADD 3) and West Coast (PADD 5) but thinned across the other regions.

The volume of gasoline supplied to the U.S. market, a measure of implied demand, climbed 2.5% to a six-week high of 9.35 million b/d (143.30 bg annualized). Demand was 0.2% more than a year ago and 0.1% above the five-year average.

Refiner/blender net inputs of ethanol expanded by 2.2% to 929,000 b/d, the largest volume in more than a year and equivalent to 14.24 bg annualized. Net inputs were 0.9% more than a year ago and 0.3% above the five-year average.

There were zero imports of ethanol recorded after 36,000 b/d hit the books the prior week. (Weekly export data for ethanol is not reported simultaneously; the latest export data is as of June 2022.)

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