According to EIA data analyzed by the Renewable Fuels Association for the week ending March 8, 2024, ethanol production slowed 3.1% to 1.02 million b/d, equivalent to 43.01 million gallons daily and the lowest volume in six weeks. Yet, output was 1.0% more than the same week last year and 1.4% above the five-year average for the week. The four-week average ethanol production rate decreased 1.4% to 1.06 million b/d, which is equivalent to an annualized rate of 16.25 billion gallons (bg).
Ethanol stocks tightened 1.0% to a 3-week low of 25.8 million barrels. Stocks were 2.3% less than the same week last year but 5.1% above the five-year average. Inventories thinned across all regions except the East Coast (PADD 1), which marked the largest reserves since May 2020.
The volume of gasoline supplied to the U.S. market, a measure of implied demand, inched up 0.3% to an 11-week high of 9.04 million b/d (138.64 bg annualized). Demand was 5.2% more than a year ago and 0.3% above the five-year average.
Refiner/blender net inputs of ethanol rose 0.7% to 880,000 b/d, equivalent to 13.49 bg annualized. Net inputs were 0.2% more than a year ago but 0.8% below the five-year average.
Ethanol exports were estimated at 124,000 b/d (5.2 million gallons/day), or 10.7% above the prior week. There were zero imports of ethanol recorded for the 25th consecutive week.
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