ETHANOL PRODUCTION, STOCKPILES DECLINE SECOND CONSECUTIVE WEEK, EIA SAYS

Ethanol production fell for a second straight week while stockpiles dropped to the lowest in three weeks, according to the Energy Department.

Output of the biofuel declined to a daily average of 1.028 million barrels a day in the week that ended on Dec. 23, the Energy Information Administration said in a report.

That’s down 0.7% from the prior week, the second consecutive weekly decline after production reached a record 1.04 million barrels a day in the week that ended on Dec. 9, EIA data show.

Inventories of ethanol also fell for a second straight week to 18.7 million barrels, down from 19.1 million in the seven days that ended on Dec. 16, according to the administration. The total is the lowest since the week that ended on Dec. 2.

Despite the week’s declines, the four-week average for output averaged 1.03 million barrels a day and the annualized rate of 15.8 billion gallons are both records, according to the EIA.

Source

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