Ethanol production fall to five-week low

In Washington, according to Energy Information Administration data analyzed by the Renewable Fuels Association for the week ending November 11, ethanol production declined 3.8 percent to a five-week low of 1.011 million b/d, equivalent to 42.46 million gallons daily. Production was 4.6 percent lower than the same week last year and 2.2 percent below the five-year average for the week. The four-week average ethanol production moved fractionally lower to 1.034 million b/d, equivalent to an annualized rate of 15.85 billion gallons (bg).

Ethanol stocks dropped 4.0 percent to 21.3 million barrels, tightening to the lowest volume since late December 2021. However, stocks were 6.1 percent more than a year ago and 1.0 percent above the five-year average. Inventories thinned across all regions except the Midwest (PADD 2).

The volume of gasoline supplied to the U.S. market, a measure of implied demand, slipped 3.0 percent to 8.74 million b/d (134.01 bg annualized). Demand was 5.4 percent less than a year ago and 3.9 percent below the five-year average.

Conversely, refiner/blender net inputs of ethanol rose 1.0 percent to 893,000 b/d, equivalent to 13.69 bg annualized. Net inputs were 0.6 percent lower than a year ago and 0.5 percent below 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 September 2022.)