Article courtesy of the Renewable Fuels Association
According to EIA data analyzed by the Renewable Fuels Association for the week ending June 23, ethanol production was unchanged from the prior week at 1.052 million b/d, equivalent to 44.18 million gallons daily. Output was 0.1% more than the same week last year and 2.0% above the five-year average for the week. The four-week average ethanol production rate increased 1.2% to 1.039 million b/d—the highest since mid-December, which is equivalent to an annualized rate of 15.93 billion gallons (bg).
Ethanol stocks climbed 0.8% to a 6-week high of 23.0 million barrels. Stocks were 1.0% more than a year ago and 5.1% above the five-year average. Inventories built across all regions except the Midwest (PADD 2) and Gulf Coast (PADD 3).
The volume of gasoline supplied to the U.S. market, a measure of implied demand, slid 0.7% to 9.31 million b/d (142.66 bg annualized). Yet, demand was 4.3% more than a year ago and 1.1% above the five-year average.
Likewise, refiner/blender net inputs of ethanol declined 0.7% to 897,000 b/d, equivalent to 13.75 bg annualized. Net inputs were 1.2% less than the same week last year and 1.9% below the five-year average.
Ethanol exports jumped to an estimated 104,000 b/d (30.6 million gallons for the week). There were zero imports recorded for the 29th consecutive week.
