Good Morning,

According to EIA data analyzed by the Renewable Fuels Association for the week ending April 26, ethanol production rebounded, up 3.5% to 987,000 b/d, equivalent to 41.45 million gallons daily. Output was 1.1% more than the same week last year and 8.9% above the five-year average for the week. However, the four-week average ethanol production rate decreased 2.2% to 995,000 b/d, which is equivalent to an annualized rate of 15.30 billion gallons (bg).

Ethanol stocks slipped 1.0% to a 12-week low of 25.5 million barrels. Still, stocks were 9.1% more than the same week last year and 10.1% above the five-year average. Inventories thinned 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, improved 2.3% to 8.62 million b/d (132.48 bg annualized). Demand was equal to a year ago and 0.5% above the five-year average.

Refiner/blender net inputs of ethanol climbed 1.3% to a 28-week high of 911,000 b/d, equivalent to 14.00 bg annualized. Net inputs were consistent with year-ago levels and 8.3% above the five-year average.

Ethanol exports were estimated at 78,000 b/d (3.3 million gallons/day), or 41.8% below the prior week. There were zero imports of ethanol recorded for the 32nd consecutive week.

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