U.S. ethanol production and exports posted significant gains during the week ending July 17, according to the latest industry data analyzed by the Renewable Fuels Association, signaling continued strength in domestic and international demand for renewable fuels.
Ethanol production increased 5.2 percent from the previous week to an average of 1.09 million barrels per day. Production also was up 1.5 percent compared with the same week one year ago.
U.S. ethanol inventories rose modestly, climbing 0.4 percent to 24.5 million barrels.
Demand for gasoline also improved during the reporting period, increasing 1.2 percent from the previous week. While gasoline consumption remained slightly below year-ago levels, refiner and blender ethanol use climbed 3.5 percent, reaching its highest weekly level since mid-May.
The largest increase came in ethanol exports, which surged 95 percent from the previous week to 158,000 barrels per day, reflecting stronger demand from international markets.
The Renewable Fuels Association said the latest figures underscore continued robust demand for U.S. ethanol both domestically and overseas. The organization said the strong production and export numbers provide additional support for the nation's corn growers and the broader biofuels industry as renewable fuels continue to play an important role in the transportation fuel market.