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Ethanol production slips
The latest numbers from the U.S. Energy Information Administration show a five percent drop in ethanol production for the week ending December 17th. That follows unexpectedly high production estimates in the first two weekly reports of December.
Daily average ethanol production in mid-December was 892-thousand barrels per day, down nearly five percent from the previous week. That production rate implies 13-point-67 billion gallons of production on an annualized basis. Ethanol stocks increased slightly to 16-point-eight million barrels, up from 16-point-seven million.
Average daily gasoline demand slumped slightly to 387 million gallons per day. Expressed as a percentage, daily average ethanol production was nine-point-68 percent of average daily gasoline demand.
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