Good Morning,

According to EIA data analyzed by the Renewable Fuels Association for the week ending April 19, ethanol production declined 3.0% to a 13-week low of 954,000 b/d, equivalent to 40.07 million gallons daily. Output was 1.3% less than the same week last year but 7.5% above the five-year average for the week. The four-week average ethanol production rate decreased 2.4% to 1.02 million b/d, which is equivalent to an annualized rate of 15.59 billion gallons (bg).

Ethanol stocks eased 1.3% to a 9-week low of 25.7 million barrels. Yet, stocks were 5.9% more than the same week last year and 9.9% above the five-year average. Inventories thinned across all regions except the Gulf Coast (PADD 3).

The volume of gasoline supplied to the U.S. market, a measure of implied demand, shrank 2.8% to a 9-week low of 8.42 million b/d (129.12 bg annualized). Demand was 11.4% less than a year ago and 0.2% below the five-year average.

Refiner/blender net inputs of ethanol were unchanged at 899,000 b/d, equivalent to 13.78 bg annualized. Net inputs were consistent with year-ago levels but 7.7% above the five-year average.

Ethanol exports were estimated at 134,000 b/d (5.6 million gallons/day), or 23.4% below the prior week. There were zero imports of ethanol recorded for the 31st consecutive week.

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