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ETHANOL PRODUCTION LEVELING OFF, DOWN 13% FROM PRE-COVID LEVELS
Source: Renewable Fuels Assn news release



According to EIA data analyzed by the Renewable Fuels Association for the week ending August 28, ethanol production eased 1.0%, or 9,000 barrels per day (b/d), to 922,000 b/d-equivalent to 38.72 million gallons daily. Production remained 9.0% below the same week in 2019 as a result of the continuing effects of the COVID-19 pandemic. The four-week average ethanol production rate declined 0.2% to 924,000 b/d, equivalent to an annualized rate of 14.16 billion gallons.

Ethanol stocks grew 2.3% to 20.9 million barrels, which was 12.3% below year-ago volumes. Inventories increased across all regions except the Gulf Coast (PADD 3).

The volume of gasoline supplied to the U.S. market, a measure of implied demand, contracted by 4.1% to 8.79 million b/d (134.69 annualized). Gasoline demand remained 7.2% lower than a year ago.

Conversely, refiner/blender net inputs of ethanol ticked up 0.8% to 861,000 b/d, equivalent to 13.20 bg annualized, which was 9.6% below the year-earlier level.

The U.S. imported 36,000 b/d of ethanol, or 10.58 million gallons for the week, which is believed to have originated in Brazil. This marks the fifth time over the last six weeks that imports were reported. (Weekly export data for ethanol is not reported simultaneously; the latest export data is as of June 2020.)


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