According to EIA data analyzed by the Renewable Fuels Association for the week ending July 1, ethanol production was curbed for the third consecutive week with output declining 0.7% to 1.044 million b/d, equivalent to 43.85 million gallons daily. Production was 2.2% less than the same week last year but 3.0% above the five-year average for the week. The four-week average ethanol production volume increased 0.2% to 1.053 million b/d, equivalent to an annualized rate of 16.14 billion gallons (bg).
Ethanol stocks expanded 3.3% to a four-week high of 23.5 million barrels. Stocks were 11.1% higher than a year ago and 8.4% above the five-year average. Inventories built 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, jumped 5.5% to 9.43 million b/d (144.30 bg annualized), the largest weekly volume this year. However, demand was 6.3% less than a year ago and 1.2% below the five-year average.
Conversely, refiner/blender net inputs of ethanol eased 0.4% to 904,000 b/d, equivalent to 13.86 bg annualized. Net inputs were 4.7% less than a year ago and 1.7% below the five-year average.
There were no imports of ethanol for the fifth consecutive week. (Weekly export data for ethanol is not reported simultaneously; the latest export data is as of May 2022.)