The Energy Information Administration says ethanol production plunged in the seven days that ended on December 23 to the lowest level in more than two months while inventories rose. Output during the week averaged 963,000 barrels a day, down from 1.029 million barrels a week earlier.
The EIA report says that’s the lowest level since the week ending on October 7. The Midwest produces the most ethanol in the country and saw production drop to 906,000 barrels a day, on average, down from 975,000 the previous week. The Midwest drop was the entire loss during the week as production on the East Coast and in the Rocky Mountain regions was steady. West Coast output rose by an average of 1,000 barrels a day to 9,000 for the week.
Ethanol stockpiles during the week rose to 24.63 million barrels. That’s the highest level of inventory since the seven days ending on April 8.