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Ethanol stocks dive as production rises
Solid demand has pulled domestic ethanol supplies to their lowest level since the first week of this year.
The U.S. Energy Information Administration says ethanol stocks are 23.961 million barrels, a drop of 751,000 on the week, but still up 3.73 million on the year due to increased production thanks to that demand and attractive margins for most producers.
The Renewable Fuels Association says net inputs for refiners and blenders moved to nine-month highs even as the volume of gasoline supplied to the market fell 2% due to high prices.
Ethanol production last week was a 24-week high, averaging 1.071 million barrels a day, a gain of 57,000 from the previous week and 37,000 from a year ago.
The USDA’s next corn for ethanol use estimate is out on the 10th.
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