Recent ethanol production volumes among highest recorded levels

By Erin Voegele | August 15, 2014

The U.S. Energy Information Administration has released the August issue of its Short-Term Energy Outlook, reporting that ethanol production has averaged approximately 940,000 barrels per day over the past three months. That level is amongst the highest monthly levels ever recorded. The highest weekly level ever recorded was 972,000 barrels per day during the week ending June 13. Ethanol production averaged approximately 907,000 barrels per day in March.

The EIA’s August STEO predicts ethanol production will average 930,000 barrels per day this year, increasing to 935,000 barrels per day in 2015. In the July STEO, the EIA predicted production would average 932,000 barrels per day this year and 940,000 barrels per day next year.

Biodiesel production averaged 87,000 barrels per day last year, and is forecast to average 80,000 barrels per day this year, and 84,000 barrels per day next year.

According to the August STEO, regular gasoline retail prices fell to $3.61 per gallon in July, 8 cents below the June average. Regulator gasoline prices are projected to continue to decline, dropping to an average of $3.30 per gallon in December. Retail gasoline prices are expected to average $3.50 per gallon this year, down from $3.51 per gallon last year. In 2015, retail gasoline prices are expected to drop to an average of $3.46 per gallon.

The IEA’s most recently weekly ethanol production data indicates 931,000 barrels per day of ethanol was produced the week of Aug. 8, down from 902,000 barrels per day the prior week. According to the EIA, 1.263 million barrels of ethanol were exported in May, down slightly from 1.585 million barrels in April. The U.S. imported an estimated 561,000 barrels of ethanol in May, primarily