Highlights
The U.S. Energy Information Administration (EIA) weekly report highlights:
U.S. ethanol production was up; market expected it to be down
U.S. ethanol stocks were way down; market expected moderate decline to up a little
U.S. gasoline demand was 6.4% stronger than the four-week average
Karen Braun shared a summary:
USA exported a record volume of ethanol over the last year (Sep 2023-Aug 2024), some 30% above the recent five-year average.
USA's 2024 imports of animal fats and veg. oils (incl. used cooking oil) double the Jan-Aug 2023 volume and already above 2023's full-year record.
A very minor revision lower by the EIA (200,000 barrels, 0.2%) in 2025 world crude oil demand resulted in crude oil futures dropping more than $2 a barrel yesterday morning. The EIA predicted the world would use 1.3 million more barrels per day in 2025 instead of their previous projection of an increase of 1.5 million. The world uses about 100.2 million barrels of oil per day, which is a 3% increase from a year ago. The U.S. consumes 19 million and China consumes 16.6 million barrels per day.