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U.S. Ethanol Volume Production on the Rebound
USAgNet - 05/29/2020

According to EIA data analyzed by the Renewable Fuels Association for the week ending May 22, ethanol production shifted 9.2% higher, or 61,000 barrels per day (b/d), to 724,000 b/d-equivalent to 30.41 million gallons daily and the largest volume since March. However, production remains tempered due to COVID-19 disruptions, coming in 31.5% below the same week in 2019. The four-week average ethanol production rate rose 7.8% to 651,000 b/d, equivalent to an annualized rate of 9.98 billion gallons.

Ethanol stocks thinned by 1.9% to a 19-week low of 23.2 million barrels. Inventories tightened across all regions except the Rocky Mountains (PADD 4), including a 7.8% drop in the West Coast (PADD 5). Total reserves are 2.4% above year-ago volumes.

The volume of gasoline supplied to the U.S. market, a measure of implied demand, rebounded by 6.8% to 7.253 million b/d (111.19 bg annualized). Gasoline demand remained 22.8% lower than a year ago.

Refiner/blender net inputs of ethanol followed, rising 4.7% to 712,000 b/d, equivalent to 10.91 bg annualized but 24.9% below the year-earlier level.

There were no imports of ethanol recorded for the eleventh consecutive week.

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