Ethanol production returns to July volumes

In Washington, according to Energy Information Administration data analyzed by the Renewable Fuels Association for the week ending October 21, ethanol production expanded 1.7 percent to 1.033 million b/d, equivalent to 43.39 million gallons daily and the largest weekly output since July. However, production was 6.6 percent less than the same week last year and even with the five-year average for the week. The four-week average ethanol production volume lifted 4.8 percent to 967,000 b/d, equivalent to an annualized rate of 14.82 billion gallons (bg).

Ethanol stocks climbed 2.0 percent to 22.3 million barrels. Stocks were 11.9 percent higher than a year ago and 6.3 percent above the five-year average. Inventories built in the Gulf Coast (PADD 3) and West Coast (PADD 5) but thinned across the other regions.

The volume of gasoline supplied to the U.S. market, a measure of implied demand, increased 2.9 percent to 8.93 million b/d (136.90 bg annualized). Yet, demand was 4.2 percent less than a year ago and 3.7 percent below the five-year average.

Refiner/blender net inputs of ethanol rose 0.8 percent to 915,000 b/d, equivalent to 14.03 bg annualized. Net inputs were 0.2 percent higher than a year ago as well as the five-year average.

There were zero imports of ethanol recorded after 28,000 b/d hit the books the prior week. (Weekly export data for ethanol is not reported simultaneously; the latest export data is as of August 2022.)