July STEO Lowers Renewable Diesel Production/Consumption Outlook 2024

The U.S. Energy Information Administration (EIA) delivered their June Short Term Energy Outlook (STEO) yesterday. It showed mostly downward adjustments in fuel consumption for both gasoline and diesel in 2024, along with renewable diesel production and consumption continuing to trend higher in 2023 and 2024.

The 2023 forecast for gasoline consumption was raised 10,000 barrels per day (bpd) to 8.89 million bpd, while the 2024 forecast was adjusted 30,000 bpd lower to 8.88 million bpd. Projected 2023 diesel consumption was unchanged from the May outlook at 3.68 million bpd, but the 2024 forecast was reduced 60,000 bpd to 3.65 million bpd.

The 2023 and 2024 projected ethanol production forecasts were both lowered 10,000 bpd, to 990,000 bpd and 1 million bpd, respectively. Ethanol consumption was projected 1,000 bpd lower in 2023 to…