EIA Increases 2024, 2025 Ethanol Production Forecasts
The U.S. Energy Information Administration increased its forecasts for 2024 and 2025 fuel ethanol production in its latest Short-Term Energy Outlook, released March 12. The forecast for 2024 fuel ethanol blending was also revised up.
The EIA currently predicts U.S. ethanol production will average 1.02 million barrels per day this year and 1.03 million barrels per day next year, up from last month’s respective forecasts of 1.01 million barrels per day and 1.02 million barrels per day. Ethanol production averaged 1.02 million barrels per day in 2023.
On a quarterly basis, the EIA current expects ethanol production to average 1.02 million barrels per day during the first, second and third quarters of 2024, increasing to 1.03 million barrels per day in the fourth quarter. Moving into 2024, ethanol production is expected to average 1.03 million barrels per day during the first and second quarters, falling to 1.02 million barrels per day in the third quarter, and expanding to 1.04 million barrels per day in the fourth quarter.
Fuel ethanol blending is expected to average 940,000 barrels per day in 2024, up from the February forecast of 930,000 barrels per day. The EIA maintained its forecast that ethanol blending will average 940,000 barrels per day in 2025. Fuel ethanol blending averaged 930,000 barrels per day in 2023.
Source Link: https://ethanolproducer.com/articles/eia-increases-2024-2025-ethanol-production-forecasts
