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Weekly Ethanol Production for 12/29/2023

Article courtesy of the Renewable Fuels Association

According to EIA data analyzed by the Renewable Fuels Association for the week ending December 29, ethanol production scaled back 5.2% to a 5-week low of 1.049 million b/d, equivalent to 44.06 million gallons daily. Yet, output was 24.3% more than the same week last year and 7.3% above the five-year average for the week. The four-week average ethanol production rate decreased 0.6% to 1.075 million b/d, which is equivalent to an annualized rate of 16.48 billion gallons (bg).

Ethanol stocks ticked up 0.3% to 23.6 million barrels, the largest weekly volume since mid-April. Stocks were 3.5% less than the same week last year but 2.7% above the five-year average. Inventories built across the Midwest (PADD 2) and Rocky Mountains (PADD 4) but thinned across the other regions.

The volume of gasoline supplied to the U.S. market, a measure of implied demand, fell 13.2% to a 51-week low of 7.95 million b/d (121.93 bg annualized). Demand was 5.9% more than a year ago but 0.6% below the five-year average.

Refiner/blender net inputs of ethanol followed, sinking 10.7% to 809,000 b/d, equivalent to 12.40 bg annualized. Yet, net inputs were 2.5% more than a year ago and 3.6% above the five-year average.

Ethanol exports were estimated at 69,000 b/d (2.9 million gallons/day), which is 47.7% below the prior week. There were zero imports of ethanol recorded for the 15th consecutive week.

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