Fed’s Last Policy Meeting Wraps Up, Ethanol Continues Recovery

The EIA's weekly energy report continued the general theme from previous weeks. US gasoline usage remains a problem. General demand last week was -13% vs. the last normal driving year in the same week, 2018/19. For 39 weeks now consumers have used on average, -7.5% vs. 2018/19. But ethanol production, for now, continues its recovery from low September/early-October rates. Ethanol production last week looked great at 1.061 million barrels per day. That was +1.4% vs. 2018/19. Eight of the past nine weeks have seen a clearly improved pace vs. September/early October. But it will still take some time to fix the year to date production issue, -4.8%. USDA’s whole-year goal is -1.9% vs. 2018/19.

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