Ethanol production down for third week in a row
U.S. ethanol production hit a record low last week and stocks hit a record high.
That is the third week in a row the industry has notched those negative milestones as fuel demand drops because of COVID-19 related stay at home and social distancing restrictions.
The U.S. Energy Information Administration says production averaged 563,000 barrels a day, down 7,000 on the week and 454,000 below the year-ago average.
Stocks were up 220,000 barrels at 27.689 million barrels, but the EIA says the only region to report a significant week to week increase was the Gulf Coast, which could be a sign of export demand.
The USDA’s next for corn ethanol use estimate is out May 12th.