The Energy Information Administration (EIA) released its June Short-Term Energy Outlook (STEO) today, dropping its forecast for ethanol use for the third month in a row. Per today’s report, consumption this year is projected to average 804,000 barrels per day (bpd), down from 815,000 barrels per day (BPD) in May. That is about 12.88 billion gallons.
Of course, much of the reduction for that yearly average is based on what has already taken place under the COVID-19 lockdown, with gasoline use down about 23 percent in Q2 2020. Ethanol consumption is projected to rebound in the second half of the year and continue for the next 18 months, as is ethanol production, but not really dramatically until the new corn marketing year with a 7.5...
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