Article courtesy of the Renewable Fuels Association
According to EIA data analyzed by the Renewable Fuels Association for the week ending July 7, ethanol production eased by 2.6% to 1.032 million b/d, equivalent to a 4-week low of 43.34 million gallons daily. However, output was 2.7% more than the same week last year and 1.0% above the five-year average for the week. The four-week average ethanol production rate increased 0.4% to 1.049 million b/d, which is equivalent to an annualized rate of 16.08 billion gallons (bg).
Ethanol stocks gained 1.8% to 22.7 million barrels. Stocks were 4.0% less than a year ago but 2.5% above the five-year average. Inventories built across all regions except the Rocky Mountains (PADD 4).
The volume of gasoline supplied to the U.S. market, a measure of implied demand, plunged 8.8% to 8.76 million b/d (134.23 annualized). Weekly demand, the lowest since April, was 8.6% more than the same week last year but 2.5% below the five-year average.
Refiner/blender net inputs of ethanol slid 3.5% to a 5-week low of 891,000 b/d, equivalent to 13.66 bg annualized. Yet, net inputs were 0.5% more than the same week last year and 0.2% above the five-year average.
Ethanol exports declined to an estimated 51,000 b/d (15.0 million gallons for the week), the lowest volume in nearly 2 years. There were zero imports recorded for the 31st consecutive week.