Story courtesy of Renewable Fuels Association News Release
According to EIA data analyzed by the Renewable Fuels Association for the week ending July 12, ethanol production ballooned 4.9% to 1.11 million b/d, equivalent to 46.45 million gallons daily and fractionally below the all-time high. Output was 3.4% more than the same week last year and 8.9% above the five-year average for the week. The four-week average ethanol production rate increased 1.1% to 1.07 million b/d, which is equivalent to an annualized rate of 16.40 billion gallons (bg).
Ethanol stocks declined 1.9% to a 6-week low of 23.2 million barrels. Stocks were even with the same week last year but 2.7% above the five-year average. Inventories declined across all regions except the Rocky Mountains (PADD 4).
The volume of gasoline supplied to the U.S. market, a measure of implied demand, tumbled 6.5% to an 11-week low of 8.78 million b/d (135.01 bg annualized). Demand was 0.8% less than a year ago and 2.2% below the five-year average.
Refiner/blender net inputs of ethanol followed gasoline demand, slumping 4.0% to a 16-week low of 885,000 b/d, equivalent to 13.60 bg annualized. Net inputs were 1.3% less than year-ago levels and 1.1% below the five-year average.
Ethanol exports were estimated at 70,000 b/d (2.9 million gallons/day), 61.5% less than the prior week and a low for the year. There were zero imports of ethanol recorded for the 43rd consecutive week.
