Good Morning,

According to EIA data analyzed by the Renewable Fuels Association for the week ending April 12, ethanol production slowed 6.9% to a 12-week low of 983,000 b/d, equivalent to 41.29 million gallons daily. Output was 4.0% less than the same week last year but 8.7% above the five-year average for the week. The four-week average ethanol production rate decreased 1.4% to 1.04 million b/d, which is equivalent to an annualized rate of 15.97 billion gallons (bg).

Ethanol stocks tightened 0.5% to 26.1 million barrels. Still, stocks were 3.1% more than the same week last year and 8.2% above the five-year average. Inventories thinned across all regions except the East Coast (PADD 1) and West Coast (PADD 5).

The volume of gasoline supplied to the U.S. market, a measure of implied demand, rose 0.6% to 8.66 million b/d (132.79 bg annualized). Demand was 1.7% more than a year ago and 5.1% above the five-year average.

Refiner/blender net inputs of ethanol climbed 1.5% to a 16-week high of 899,000 b/d, equivalent to 13.78 bg annualized. Net inputs were 1.9% more than a year ago and 9.4% above the five-year average.

Ethanol exports were estimated at 175,000 b/d (7.4 million gallons/day), or 12.2% above the prior week and the largest weekly volume since mid-December. There were zero imports of ethanol recorded for the 30th consecutive week.

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