According to EIA data analyzed by the Renewable Fuels Association for the week ending December 9, ethanol production eased 1.5% to 1.061 million b/d, equivalent to 44.56 million gallons daily. Production was 2.4% lower than the same week last year yet 1.4% above the five-year average for the week. The four-week average ethanol production increased 1.2% to a 23-week high of 1.049 million b/d, equivalent to an annualized rate of 16.08 billion gallons (bg).
Ethanol stocks jumped 5.0% to 24.4 million barrels, the largest weekly volume recorded in 35 weeks. Stocks were 16.9% more than a year ago and 9.1% above the five-year average. Inventories built across all regions except the Rocky Mountains (PADD 4), which remained even with the prior week.
The volume of gasoline supplied to the U.S. market, a measure of implied demand, declined 1.2% to 8.26 million b/d (126.55 bg annualized). Demand was 12.8% less than a year ago and 9.3% below the five-year average.
Conversely, refiner/blender net inputs of ethanol improved by 3.7% to 879,000 b/d, equivalent to 13.48 bg annualized. Net inputs were even with a year ago but 0.8% below the five-year average.
There were zero imports of ethanol recorded after 10,000 b/d hit the books the prior week. (Weekly export data for ethanol is not reported simultaneously; the latest export data is as of October 2022.)
