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ETHANOL PRODUCTION CONTINUES TO SLIDE DOWNWARD
Aug. 19, 2021
Source: Renewable Fuels Assn news release
According to EIA data analyzed by the Renewable Fuels Association for the week ending August 13, ethanol production eased by 13,000 barrels per day (b/d), or 1.3%, to 973,000 b/d, equivalent to 40.87 million gallons daily and the lowest level since April. Production was 5.1% above the same week last year, which was affected by the pandemic, but was 4.9% below the 2019 level. The four-week average ethanol production volume decreased 1.4% to 996,000 b/d, equivalent to an annualized rate of 15.27 billion gallons (bg).
Ethanol stocks declined 3.2% to a five-week low of 21.6 million barrels. Stocks were 6.4% above the year-ago level but 7.7% below the same week in 2019. Inventories tightened across all regions except the East Coast (PADD 1) and Rocky Mountains (PADD 4).
The volume of gasoline supplied to the U.S. market, a measure of implied demand, weakened by 1.0% to 9.33 million b/d (143.07 bg annualized). Gasoline demand was 8.1% above a year ago but 3.0% below the same week in 2019.
Refiner/blender net inputs of ethanol pared back 1.0% to 921,000 b/d, equivalent to 14.12 bg annualized. Net inputs were 7.1% above a year ago but 4.2% less than the same week in 2019.
There were zero imports of ethanol recorded for the third consecutive week. (Weekly export data for ethanol is not reported simultaneously; the latest export data is as of June 2021.)
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