EIA Reduces Forecast For 2024 Ethanol Production, Blending
The U.S. Energy Information Administration increased its forecast for 2023 fuel ethanol production in its latest Short-Term Energy Outlook, released Sept. 12. The forecast for 2024 fuel ethanol production was revised down. The agency maintained its forecast for 2023 fuel ethanol blending, but reduced the blending forecast for next year.
The EIA currently predicts fuel ethanol production will average 1.01 million barrels per day this year, up from last month’s forecast of 1 million barrels per day. The agency reduced its forecast for 2024 ethanol production to 980,000 barrels per day, down from its August prediction of 1.01 million barrels per day. Ethanol production averaged 1 million barrels per day last year.
On a quarterly basis, ethanol production is expected to average 1.04 million barrels per day during the third quarter of this year, falling to 1 million barrels per day in the fourth quarter. Moving into 2024, ethanol production is currently expected to average 980,000 barrels per day in the first and second quarters, 990,000 barrels per day during the third quarter, and 980,000 barrels per day in the fourth quarter.
The EIA maintained its forecast for 2023 fuel ethanol blending at 930,000 barrels per day, but now predicts fuel ethanol blending will average 910,000 barrels per day in 2024, down from last month’s forecast of 930,000 barrels per day. Fuel ethanol blending averaged 910,000 barrels per day in 2022.
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