U.S. ethanol production declined 1.2 percent to the lowest level in three weeks, a report from the Energy Information Administration showed today.
Output fell for a second week, reaching 873,000 barrels a day, the first consecutive declines since March 8, data from the EIA, the Energy Department’s research arm, showed. Inventories increased 2.9 percent to 16.5 million barrels, the highest level since May 3 and the steepest gain since December.
Foreign purchases of the biofuel jumped to 65,000 barrels a day from zero the prior two weeks, according to the EIA. That’s the most the country has imported since Jan. 18.
Ethanol-blended gasoline made up 93.6 percent of the total U.S. gasoline pool, compared with 94 percent the previous week.
Denatured ethanol for July delivery fell 3.1 cents, or 1.3 percent, to $2.468 a gallon at 11:52 a.m. New York time on the Chicago Board of Trade. Prices have gained 13 percent this year.
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