EIA Increases 2024 Fuel Ethanol Production, Blending Forecasts
Source: By Erin Voegele, Ethanol Producer Magazine • Posted: Wednesday, December 13, 2023
The U.S. Energy Information Administration increased its forecast for 2024 fuel ethanol production in its latest Short-Term Energy Outlook, released Dec. 12. The forecast for 2024 fuel ethanol blending was also revised up.
The EIA currently predicts fuel ethanol production will average 1.01 million barrels per day in 2023, a forecast maintained from the November STEO. The agency has increased its forecast for 2024 fuel ethanol production to 1 million barrels per day, up from last month’s forecast of 990,000 barrels per day. Fuel ethanol production averaged 1 million barrels per day in 2022.
On a quarterly basis fuel ethanol production is currently expected to average 1.03 million barrels per day during the final quarter of 2023. Moving into 2024, fuel ethanol production is currently expected to average 1.01 million barrels per day in the first quarter, 1 million barrels per day in the second and third quarters and 1.01 million barrels per day in the fourth quarter.
The EIA has maintained its forecast for 2023 fuel ethanol blending at 930,000 barrels per day. The forecast for 2024 fuel ethanol blending has been increased to 930,000 barrels per day, up from the November forecast of 920,000 barrels per day. Fuel ethanol blending averaged 910,000 barrels per day in 2022.