US weekly ethanol production sinks to record low
By OWEN FLETCHER
CHICAGO -- US ethanol production fell 5.1% to 784,000 bpd in the week through Friday, the lowest level on record, data from the US Energy Information Administration showed Wednesday.
The figure was the lowest since the EIA began releasing weekly ethanol production data in mid-2010. It was slightly below the previous low of 785,000 bpd in late September.
Also, US ethanol stocks last week rose 2.6% to 20.4 million bbl, reversing a decline seen in the last few weeks. Ethanol stocks in mid-December hit a six-month high of 20.8 million bbl.
US ethanol producers have struggled with weak margins since early last year, pressured by a combination of slack gasoline demand, high corn prices due to the US drought last year, and high ethanol inventories.
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