U.S. ethanol production rebounded sharply last week, while exports nearly doubled, according to the latest data analyzed by the Renewable Fuels Association. For the week ending July 17, ethanol production climbed 5.2 percent to 1.09 million barrels per day, up 1.5 percent from the same week a year ago.
Ethanol stocks also edged 0.4 percent higher to 24.5 million barrels. Gasoline demand strengthened 1.2 percent from the previous week, though it remained slightly below year-ago levels. Refiner and blender ethanol use also increased 3.5 percent, reaching its highest weekly level since mid-May. The biggest gain came in exports, which jumped 95 percent from the previous week to 158,000 barrels per day.
The Renewable Fuels Association says the latest numbers reflect continued strong demand for U.S. ethanol both at home and abroad, providing additional support for the nation's corn growers and biofuels industry.
-NAFB