WASHINGTON, D.C. (RFD-TV) — U.S. ethanol production climbed to a five-week high as gasoline demand rebounded sharply, giving corn growers a stronger near-term demand signal.
Energy Information Administration data analyzed by the Renewable Fuels Association show ethanol output rose 2.7% to 1.09 million barrels per day, equal to 45.95 million gallons daily. Production was 1.6% below last year but 1.8% above the five-year average.
Gasoline supplied to the U.S. market jumped 6.8% to 8.98 million barrels per day, the highest level in eight weeks. Demand was 6.2% above the same month last year and 1.1% above the five-year average.
Ethanol inventories increased 2.6% to 24.6 million barrels, while refiner and blender inputs slipped 0.9% to 891,000 barrels per day, the lowest weekly level since mid-April.
Ethanol exports rose 9.1% to 132,000 barrels per day, equal to about 5.5 million gallons daily. Stronger gasoline use and exports helped offset the weekly build in ethanol stocks.
