According to EIA data analyzed by the Renewable Fuels Association for the week ending November 6, ethanol production increased 1.7%, or 16,000 barrels per day (b/d), to a 33-week high of 977,000 b/d—equivalent to 41.03 million gallons daily. Still, production remained 5.1% below the same week last year. The four-week average ethanol production rate rose 1.1% to 948,000 b/d, equivalent to an annualized rate of 14.53 billion gallons (bg).
Ethanol stocks expanded by 2.5% to a ten-week high of 20.2 million barrels, which was 3.9% below year-ago volumes. Inventories built across all regions except the East Coast (PADD 1) and Midwest (PADD 2), including a sizable increase (up 1.10 million barrels) in the Gulf Coast (PADD 3).
The volume of gasoline supplied to the U.S. market, a measure of implied demand, jumped 5.1% to 8.76 million b/d (134.32 bg annualized). Gasoline demand was 6.0% less than a year ago.
In contrast, refiner/blender net inputs of ethanol decreased 0.2% to 834,000 b/d, equivalent to 12.79 bg annualized. This was 11.3% below the year-earlier level as a result of the continuing effects of the COVID-19 pandemic.
Imports of ethanol arriving into the West Coast were 68,000 b/d, or 19.99 million gallons for the week and a 59-week high (since mid-September 2019). This also marks the twelfth time in sixteen weeks that imports were reported. (Weekly export data for ethanol is not reported simultaneously; the latest export data is as of September 2020.)