EIA Maintains 2023, 2024 Fuel Ethanol Production Forecasts
The U.S. Energy Information Administration maintained its forecasts for 2023 and 2024 fuel ethanol production in its latest Short-Term Energy Outlook, released Oct. 11. The forecasts for fuel ethanol blending were revised down.
The EIA currently predicts fuel ethanol production will average 1.01 million barrels per day this year, falling to 980,000 barrels per day in 2024. Both forecasts were maintained from the September STEO. Fuel ethanol production averaged 1 million barrels per day in 2022.
On a quarterly basis, fuel ethanol production averaged 1 million barrels per day during the first and second quarters of 2023 and increased to 1.03 million barrels per day in the third quarter. Moving into the final quarter of this year, fuel ethanol production is expected to average 1 million barrels per day. During the first half of 2024, ethanol production is expected to average 980,000 barrels per day, increasing to 990,000 barrels per day in the third quarter before falling to 970,000 barrels per day in the final quarter of the year.
The EIA currently predicts fuel ethanol blending will average 920,000 barrels per day this year, down from last month’s forecast of 930,000 barrels per day. The agency also reduced its forecast for 2024 fuel ethanol blending to 900,000 barrels per day, down from the 910,00 barrel per day forecast made in September. Fuel ethanol blending averaged 910,000 barrels per day last year.
Recommended for you
