PDF attached
Analysts missed the weekly ethanol production by a large margin. US production came in at only 885,000 barrels per day, well below an average calling for 912,000 barrels, down 46,000 from the previous week and about 6.5% below year ago. US weekly ethanol production fell to its lowest weekly level since early February 2021, when the US encountered a severe deep freeze (and lowest since the height of the world pandemic shutdowns nearly a year before that event). For the first three weeks of the corn marketing year, cumulative ethanol production is running 2.1% below same period year ago and 8.4% below for the first three week of the pre pandemic level of 2019. Ethanol stocks increased 190,000 barrels to 22.691 million, snapping a 4-week consecutive decline. Stocks are about 12 percent this time last year. US gasoline stocks fell 2.42 million barrels to 212.2 million and implied gasoline demand increased 503,000 barrels to 8.825 million barrels. Gasoline demand over the previous 4-week average was running nearly 8 percent below same period year ago, and down about 10 percent from pre pandemic levels (early September 2019). Ethanol blended into finished motor gasoline was 90.9 percent, above 88.2 percent week earlier.
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
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Weekly_EIA_Ethanol_Data-FI092822.pdf