Ethanol production lowest on record
U.S. ethanol production fell 5.1% to 784,000 barrels a day in the week through Friday, the lowest level on record, data from the U.S. 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 barrels a day in late September.
Also, U.S. ethanol stocks last week rose 2.6% to 20.4 million barrels, reversing a decline seen in the last few weeks. Ethanol stocks in mid-December hit a six-month high of 20.8 million barrels.
U.S. 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 U.S. drought last year, and high ethanol inventories.
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(END) Dow Jones NewswiresJanuary 16, 2013 10:46 ET (15:46 GMT)
DJ U.S. Weekly Ethanol Production Drops 5.1%; Lowest on Record->copyright