The U.S. Energy Information Administration maintained its forecasts for 2023 and 2024 fuel ethanol production in its latest Short-Term Energy Outlook, released May 9. The forecast for 2024 fuel ethanol blending was raised.
The EIA currently predicts fuel ethanol production will average 1 million barrels per day this year, increasing to 1.01 million barrels per day next year. Both forecasts were maintained from the April STEO. Fuel ethanol production averaged 1 million barrels per day in 2022.
On a quarterly basis, the agency predicts fuel ethanol production will average 1 million barrels per day during the second quarter of this year, falling to 990,000 barrels per day during the third and fourth quarters. Moving into 2024, ethanol production is currently expected to average 1.01 million barrels per day in the first and second quarters, falling to 1 million barrels per day in the third quarter and increasing to 1.03 million barrels per day in the final quarter of the year.
The EIA maintained its forecast for 2023 fuel ethanol blending at 930,000 barrels per day. The 2024 ethanol blending forecast was increased to 940,000 barrels per day, up from 930,000 barrels per day as predicted last month. Fuel ethanol blending averaged 910,000 barrels per day in 2022.
Read the original story here.