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ETHANOL PRODUCTION HAS FALLEN TO ITS LOWEST LEVEL IN TWO YEARS
Source: Renewable Fuels Association



According to EIA data analyzed by the Renewable Fuels Association for the week ending September 23, ethanol production dropped 5.1% to 855,000 b/d, equivalent to 35.91 million gallons daily and the smallest volume since February 2021. Production was 6.5% less than the same week last year and 10.5% below the five-year average for the week. The four-week average ethanol production volume declined 3.0% to 927,000 b/d, equivalent to an annualized rate of 14.21 billion gallons (bg).

Ethanol stocks grew 0.8% to 22.7 million barrels. Stocks were 12.2% higher than a year ago and 4.9% above the five-year average. Inventories built in the East Coast (PADD 1) and Gulf Coast (PADD 3) but thinned across the other regions.

The volume of gasoline supplied to the U.S. market, a measure of implied demand, jumped 6.0% to a six-week high of 8.83 million b/d (135.29 bg annualized). However, demand was 6.1% less than a year ago and 2.8% below the five-year average.

Refiner/blender net inputs of ethanol rose 3.6% to 911,000 b/d, equivalent to 13.97 bg annualized. Net inputs were 0.1% more than a year ago and 0.8% above the five-year average.

There were no imports of ethanol for the fourth consecutive week. (Weekly export data for ethanol is not reported simultaneously; the latest export data is as of July 2022.)



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