Article courtesy of Renewable Fuels Association
According to EIA data analyzed by the Renewable Fuels Association for the week ending December 15, ethanol production edged 0.3% lower to 1.071 million b/d, equivalent to 44.98 million gallons daily. Yet, output was 4.1% more than the same week last year and 3.4% above the five-year average for the week. The four-week average ethanol production rate increased 1.1% to 1.058 million b/d, which is equivalent to an annualized rate of 16.22 billion gallons (bg).
Ethanol stocks scaled up 3.6% to an 18-week high of 22.9 million barrels. Stocks were 4.8% less than the same week last year but 1.8% above the five-year average. Inventories built across all regions except the Rocky Mountains (PADD 4) and West Coast (PADD 5).
The volume of gasoline supplied to the U.S. market, a measure of implied demand, declined 1.2% to 8.75 million b/d (134.20 bg annualized). Demand was 0.5% more than a year ago but 1.4% below the five-year average.
Conversely, refiner/blender net inputs of ethanol climbed 2.2% to 901,000 b/d, equivalent to 13.81 bg annualized. Net inputs were 2.9% more than a year ago and 1.6% above the five-year average.
Ethanol exports were estimated at 196,000 b/d (8.2 million gallons/day), which is 58.1% above the prior week and the largest volume since the EIA began reporting weekly estimates in May. Total usage, including both net inputs and exports, was the highest on record (based on weekly exports estimated from monthly reported data prior to May). There were zero imports of ethanol recorded for the 13th consecutive week.
