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ETHANOL PRODUCTION DROPS 48% FROM LAST YEAR
Apr. 30, 2020
Source: Renewable Fuels Assn news release
This morning, the EIA released its Weekly Petroleum Status Report for the week ending April 24, which continued to reflect the impact on the ethanol industry from the COVID-19 pandemic.
According to EIA data analyzed by the Renewable Fuels Association, ethanol production scaled back by 4.6%, or 26,000 barrels per day (b/d), to 537,000 b/d-the lowest level since the EIA began reporting ethanol production statistics in 2010. Production was 48% below the same week in 2019. The four-week average ethanol production rate dropped 11.5% to 585,000 b/d, equivalent to an annualized rate of 8.97 billion gallons.
Ethanol stocks contracted for the first time in five weeks, dropping 4.9% from last week's record high to 26.3 million barrels. Stocks lowered across all PADDs, with larger movement in the Gulf Coast (PADD 3) and West Coast (PADD 5) regions-down 9.5% and 10.1%, respectively.
The volume of gasoline supplied to the U.S. market, a measure of implied demand, grew 10.3% to 5.860 million b/d (89.83 bg annualized) yet was 37% lower than a year ago.
Refiner/blender net inputs of ethanol followed, jumping 11.5% to 583,000 b/d, equivalent to 8.94 bg annualized but 37% below the year-earlier level.
There were no imports of ethanol recorded for the seventh straight week. (Weekly export data for ethanol is not reported simultaneously; the latest export data is as of February 2020.)
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