May 31, 2020
In Washington, D.C.,according to EIA data analyzed by the Renewable Fuels Association for the week ending May 22, ethanol production shifted 9.2%,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.
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