According to EIA data analyzed by the Renewable Fuels Association for the week ending May 17, 2024, ethanol production increased 1.9% to a 6-week high of 1.02 million b/d, equivalent to 42.80 million gallons daily. Output was 3.7% more than the same week last year and 6.4% above the five-year average for the week. The four-week average ethanol production rate rose 1.6% to 993,000 b/d, which is equivalent to an annualized rate of 15.26 billion gallons (bg).
Ethanol stocks declined 1.1% to 24.2 million barrels. Yet, stocks were 9.8% more than the same week last year and 9.5% 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, leapt 5.0% to 9.32 million b/d (143.19 bg annualized). Demand was 1.3% less than a year ago but 5.0% above the five-year average.
Refiner/blender net inputs of ethanol scaled up 1.6% to 935,000 b/d, equivalent to 14.37 bg annualized and the largest level since early July 2021. Net inputs were 0.6% higher than year-ago levels and 6.0% above the five-year average.
Ethanol exports were estimated at 83,000 b/d (3.5 million gallons/day), or 9.8% below the prior week. There were zero imports of ethanol recorded for the 35th consecutive week.
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