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ETHANOL PRODUCTION CONTINUES ITS V-SHAPED RECOVERY
Source: Renewable Fuels Assn news release



According to EIA data analyzed by the Renewable Fuels Association for the week ending June 12, ethanol production rose 0.5%, or 4,000 barrels per day (b/d), to 841,000 b/d-equivalent to 35.32 million gallons daily and a twelve-week high. However, production remains tempered due to COVID-19 disruptions, coming in 22.2% below the same week in 2019. The four-week average ethanol production rate increased 6.0% to 792,000 b/d, equivalent to an annualized rate of 12.14 billion gallons.

Ethanol stocks declined 2.1% to 21.3 million barrels, the lowest reserves this year and 1.2% below year-ago volumes. Inventories tightened in the East Coast (PADD 1) and Midwest (PADD 2) but increased across the other regions.

The volume of gasoline supplied to the U.S. market, a measure of implied demand, softened by 0.4% to 7.870 million b/d (120.65 bg annualized). Gasoline demand was 20.7% lower than a year ago.

Refiner/blender net inputs of ethanol perked up, moving 3.1% higher to 789,000 b/d, equivalent to 12.10 bg annualized but 16.2% below the year-earlier level.

There were no imports of ethanol recorded for the fourteenth consecutive week. (Weekly export data for ethanol is not reported simultaneously; the latest export data is as of April 2020.)



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