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Ethanol production down for third consecutive week

U.S. ethanol production has declined for three weeks in a row.

The U.S. Energy Information Administration says last week’s average was 1.040 million barrels a day, down 15,000 on the week and 21,000 less than most recent all-time high set in late January.

That’s still the 16th week in a row with an average of more than a million barrels a day, but stocks have increased for the seven consecutive weeks and there are uncertainties about export demand and U.S government policy on renewable fuels.

Stocks climbed to 22.5 million barrels, the highest since late March 2016.