The Energy Information Administration says ethanol output dropped to the lowest level in more than two years, while inventories were down slightly during the last week of 2022.
Production dropped to an average of 844,000 barrels per day. That’s down from 963,000 barrels a day, on average, during the previous week and the lowest level since the week ending on June 12, 2022. Losses were broad-based across all regions but one in the U.S.
The Midwest, which produces the most ethanol in the country, saw its output plunge to an average of 794,000 barrels a day from 906,000 a week earlier. That’s the lowest since the seven days ending on May 29, 2020. Production on the East and West Coasts each dropped an average of 3,000 barrels a day from the prior week.
The only increase in ethanol production came in the Gulf Coast region. Inventories were down slightly at 24.44 million barrels.