According to EIA data analyzed by the Renewable Fuels Association for the week ending November 11, ethanol production declined 3.8% to a five-week low of 1.011 million b/d, equivalent to 42.46 million gallons daily. Production was 4.6% lower than the same week last year and 2.2% below the five-year average for the week. The four-week average ethanol production moved fractionally lower to 1.034 million b/d, equivalent to an annualized rate of 15.85 billion gallons (bg).
Ethanol stocks dropped 4.0% to 21.3 million barrels, tightening to the lowest volume since late December 2021. However, stocks were 6.1% more than a year ago and 1.0% above the five-year average. Inventories thinned across all regions except the Midwest (PADD 2).
The volume of gasoline supplied to the U.S. market, a measure of implied demand, slipped 3.0% to 8.74 million b/d (134.01 bg annualized). Demand was 5.4% less than a year ago and 3.9% below the five-year average.
Conversely, refiner/blender net inputs of ethanol rose 1.0% to 893,000 b/d, equivalent to 13.69 bg annualized. Net inputs were 0.6% lower than a year ago and 0.5% below the five-year average.
There were no imports of ethanol for the fourth consecutive week. (Weekly export data for ethanol is not reported simultaneously; the latest export data is as of September 2022.)