According to EIA data analyzed by the Renewable Fuels Association for the week ending November 4, ethanol production expanded 1.1% to 1.051 million b/d, equivalent to 44.14 million gallons daily and the largest weekly output since June. Production was 1.2% higher than the same week last year and 1.7% above the five-year average for the week. The four-week average ethanol production volume increased 3.0% to 1.035 million b/d, equivalent to an annualized rate of 15.87 billion gallons (bg).
Ethanol stocks were fractionally lower, down 0.2% to 22.2 million barrels. However, stocks were 9.4% more than a year ago and 4.2% above the five-year average. Inventories thinned in the Midwest (PADD 2) and West Coast (PADD 5) but built across the other regions.
The volume of gasoline supplied to the U.S. market, a measure of implied demand, scaled up 4.1% to 9.01 million b/d (138.14 bg annualized). Yet, demand was 2.7% less than a year ago and 1.4% below the five-year average.
Conversely, refiner/blender net inputs of ethanol slipped 2.3% to a 7-week low of 884,000 b/d, equivalent to 13.55 bg annualized. Net inputs were 1.0% lower than a year ago and 2.0% below the five-year average.
There were no imports of ethanol for the third consecutive week. (Weekly export data for ethanol is not reported simultaneously; the latest export data is as of September 2022.)
