Good Morning,
According to EIA data analyzed by the Renewable Fuels Association for the week ending May 20, ethanol production climbed 2.3% to 1.014 million b/d, equivalent to 42.59 million gallons daily. Production was 0.3% more than the same week last year and 4.5% above the five-year average for the week. The four-week average ethanol production volume increased 1.3% to 991,000 b/d, equivalent to an annualized rate of 15.19 billion gallons (bg).
Ethanol stocks thinned by 0.3% to 23.7 million barrels. However, stocks were 24.9% higher than a year ago and 9.0% above the five-year average. Inventories were higher across all regions except the Midwest (PADD 2), which saw a low for the year, and the Rocky Mountains (PADD 4).
The volume of gasoline supplied to the U.S. market, a measure of implied demand, declined 2.5% to 8.80 million b/d (134.87 bg annualized). Demand was 7.2% less than a year ago and 3.6% below the five-year average.
In contrast, refiner/blender net inputs of ethanol rose 0.4% to 915,000 b/d, equivalent to 14.03 bg annualized and the largest volume since August 2021. Net inputs were 1.0% more than a year ago and 2.6% above the five-year average.
There were zero imports of ethanol recorded after 36,000 b/d hit the books the prior week. (Weekly export data for ethanol is not reported simultaneously; the latest export data is as of March 2022.)
If you have any questions, please let us know.
