According to EIA data analyzed by the Renewable Fuels Association for the week ending January 27, ethanol production increased for the fourth consecutive week, rising 1.6% to 1.028 million b/d, equivalent to 43.18 million gallons daily. Production was 1.2% lower than the same week last year but 1.1% above the five-year average for the week. The four-week average ethanol production rate jumped 4.8% to 998,000 b/d, equivalent to an annualized rate of 15.30 billion gallons (bg).
Ethanol stocks tightened 2.5% to 24.4 million barrels. Stocks were 5.5% less than a year ago yet 0.9% above the five-year average. Inventories thinned across all regions except the Gulf Coast (PADD 3) and Rocky Mountains (PADD 4).
The volume of gasoline supplied to the U.S. market, a measure of implied demand, climbed 4.3% to a five-week high of 8.49 million b/d (130.17 bg annualized). Demand was 3.2% more than a year ago but 1.5% below the five-year average.
Refiner/blender net inputs of ethanol improved 1.0% to 838,000 b/d, equivalent to 12.85 bg annualized. Net inputs were 2.3% more than a year ago but 1.2% below the five-year average.
There were zero imports of ethanol recorded for the eighth consecutive week. (Weekly export data for ethanol is not reported simultaneously; the latest export data is as of November 2022.)