According to EIA data analyzed by the Renewable Fuels Association for the week ending March 10, ethanol production increased 0.4% to 1.014 million b/d, equivalent to 42.59 million gallons daily. However, production was 1.2% below the same week last year and 0.3% less than the five-year average for the week. The four-week average ethanol production rate remained unchanged at 1.014 million b/d, equivalent to an annualized rate of 15.54 billion gallons (bg).
Ethanol stocks swelled by 4.2% to a 50-week high of 26.4 million barrels. Stocks were 1.7% more than a year ago and 9.9% above the five-year average. Inventories built across all regions.
The volume of gasoline supplied to the U.S. market, a measure of implied demand, ticked up 0.4% to 8.59 million b/d (131.75 bg annualized). Still, demand was 3.9% less than a year ago and 6.2% below the five-year average.
Refiner/blender net inputs of ethanol rose 0.9% to 878,000 b/d, equivalent to 13.46 bg annualized. Yet, net inputs were 2.1% below the same week last year and 1.9% below the five-year average.
There were zero imports of ethanol recorded for the fourteenth consecutive week. (Weekly export data for ethanol is not reported simultaneously; the latest export data is as of January 2023.)
