According to EIA data, ethanol production averaged 938,000 barrels per day (b/d)—or 39.40 million gallons daily. That is down a whopping 38,000 b/d from the week before and the lowest output rate since the week ended 9/18/2015. The four-week average for ethanol production stood at 975,000 b/d for an annualized rate of 14.95 billion gallons.
Stocks of ethanol stood at 22.3 million barrels. That is a slight 0.5% increase from last week’s 22.2 million barrels. Imports of ethanol remained at zero b/d for the 17th week in a row.
Gasoline demand for the week averaged 404.6 million gallons (9.633 million barrels) daily. At 147.7 billion gallons annualized, that is the highest gasoline demand figure since the week ended 8/14/2015. It is also the 18th highest demand number in the 1,313 weeks since EIA began publishing weekly data in 1991. Refiner/blender input of ethanol averaged 907,000 b/d, the highest since the last week of 2015.
Expressed as a percentage of daily gasoline demand, daily ethanol production was 9.74%, the lowest rate since August 2014 and the first time under 10.0% in 34 weeks.