Good Morning,

According to EIA data analyzed by the Renewable Fuels Association for the week ending November 25, ethanol production pared back 2.2% to 1.018 million b/d, equivalent to 42.76 million gallons daily. Production was 1.6% lower than the same week last year and 3.0% below the five-year average for the week. The four-week average ethanol production declined 0.6% to 1.030 million b/d, equivalent to an annualized rate of 15.79 billion gallons (bg).

Ethanol stocks rose 0.5% to a 12-week high of 22.9 million barrels. Stocks were 13.0% more than a year ago and 6.4% above the five-year average. Inventories built in the Midwest (PADD 2) but thinned across the other regions.

The volume of gasoline supplied to the U.S. market, a measure of implied demand, ticked 0.1% down to 8.32 million b/d (127.50 bg annualized). Demand was 5.4% less than a year ago and 4.6% below the five-year average.

Refiner/blender net inputs of ethanol increased 0.6% to 891,000 b/d, equivalent to 13.66 bg annualized. Net inputs were 0.9% higher than a year ago and 2.2% above the five-year average.

Imports of ethanol arriving into the West Coast were 25,000 b/d, or 7.35 million gallons for the week. This marks the first imports in 6 weeks and the sixth time this year that ethanol was imported. (Weekly export data for ethanol is not reported simultaneously; the latest export data is as of September 2022.)

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