Ethanol production in the U.S. fell 2.6 percent to 832,000 barrels a day, the biggest weekly decline since January and the lowest level for this time of year in records going back to June 2010.
Stockpiles sank 1.6 percent to 17.5 million barrels in the week ended April 12, led by a drop on the West Coast, a report from the Energy Information Administration showed today. Total inventories were down 20 percent from a year earlier.
Ethanol-blended gasoline made up about 94 percent of the total U.S. gasoline pool, down from a record 96 percent the previous week, the Energy Department’s analytical arm said.
For a second week, the U.S. didn’t import any of the biofuel, the EIA said. That compares to foreign purchases of 21,000 barrels a day a year earlier.
Denatured ethanol for May delivery advanced 3.9 cents, or 1.6 percent, to $2.443 a gallon at 11:18 a.m. New York time on the Chicago Board of Trade. Prices have gained 12 percent this year.
Production dropped the most since Jan. 25 and was down 5.9 percent from a year earlier, the EIA report showed. Output reached a record 963,000 barrels a day in December 2011.
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