Article courtesy of Renewable Fuels Association
According to EIA data analyzed by the Renewable Fuels Association for the week ending January 19, ethanol production plunged 22.4% to 818,000 b/d, equivalent to 34.36 million gallons daily and chasing a 3-year low. Output was 19.2% less than the same week last year and 18.5% below the five-year average for the week. The four-week average ethanol production rate declined 6.7% to 996,000 b/d, which is equivalent to an annualized rate of 15.27 billion gallons (bg).
Ethanol stocks increased 0.5% to a 44-week high of 25.8 million barrels. Stocks were 2.9% more than the same week last year and 6.3% above the five-year average. Inventories built across all regions except the Midwest (PADD 2) and Rocky Mountains (PADD 4).
The volume of gasoline supplied to the U.S. market, a measure of implied demand, moderated by 4.7% to a 54-week low of 7.88 million b/d (120.80 bg annualized). Demand was 3.2% less than a year ago and 8.0% below the five-year average.
Refiner/blender net inputs of ethanol followed, shifting 4.4% lower to 798,000 b/d, equivalent to 12.23 bg annualized. Net inputs were 3.9% less than a year ago and the five-year average.
Ethanol exports were estimated at 121,000 b/d (5.1 million gallons/day), or 27.4% above the prior week. There were zero imports of ethanol recorded for the 18th consecutive week.
