Ethanol production stays stable compared to last week

In Washington, D.C., ethanol production remained even at 991,000 b/d (technically 1,000 b/d lower), equivalent to 41.62 million gallons daily, according to EIA data analyzed by the Renewable Fuels Association. Production was 4.0% less than the same week last year but 3.1% above the five-year average for the week.

The four-week average ethanol production volume increased 1.1% to 978,000 b/d, equivalent to an annualized rate of 14.99 billion gallons (bg).

Ethanol stocks thinned 1.4% to 23.8 million barrels. However, stocks were 22.4% higher than a year ago and 6.9% above the five-year average. Inventories declined across all regions except the Gulf Coast (PADD 3) and West Coast (PADD 5); notably, stocks in the Midwest declined to their lowest level this year.

The volume of gasoline supplied to the U.S. market, a measure of implied demand, expanded 3.7% to 9.03 million b/d (138.38 bg annualized). Demand was 2.1% less than a year ago but 0.7% above the five-year average.

Refiner/blender net inputs of ethanol rose 0.8% to a 29-week high of 911,000 b/d, equivalent to 13.97 bg annualized. Net inputs were 1.3% less than a year ago but 2.4% above the five-year average.

Imports of ethanol arriving into the West Coast were 36,000 b/d, or 10.58 million gallons for the week. This marks the first imports since January and only the second week in seven months when ethanol was imported. (Weekly export data for ethanol is not reported simultaneously; the latest export data is as of March 2022.)