Another big week for ethanol production
U.S. ethanol production continues to hang around historical highs due to improvements in margins and strong demand expectations.
The U.S. Energy Information Administration says production last week averaged 1.106 million barrels a day, the second highest weekly average on record, and up 10,000 on the week and 165,000 on the year.
The record of 1.108 million barrels a day was set in early December 2017.
The Renewable Fuels Association says net inputs by refiners and blenders moved higher last week while the volume of gasoline supplied to the market dipped, and both remained well above last year’s levels.
Stocks of 19.925 million barrels were 155,000 below the previous week, but 324,000 above a year ago.
The USDA says Midwest ethanol prices were higher last week.