Ethanol production rose for the eight straight week to the highest level in almost three months, while inventories dropped to the lowest in more than two years, according to the Energy Information Administration.
Output of the biofuel averaged 1.033 million barrels a day in the week through Nov. 15, the EIA said in a report. That’s up from 1.03 million, on average, the previous week and the highest level since Aug. 23.
Production in the Midwest, by far the largest producing region, was unchanged at an average of 957,000 barrels a day, the agency said.
Gulf Coast output led gainers, rising to 20,000 barrels a day from 15,000 the prior week. East Coast production increased to an average of 27,000 barrels a day from 26,000 barrels in the previous seven-day period, the EIA said.
Rocky Mountain production declined by 1,000 barrels to an average of 14,000 barrels a day, while West Coast output also fell by 1,000 barrels to 16,000 barrels.
Stockpiles, meanwhile, fell to 20.514 million barrels in the week through Nov. 15, the EIA said.
That’s down from 20.985 million the previous week and the smallest amount in storage since January 2017, government data show.
In other news, the USDA is expected to release its weekly export sales report this morning. Analysts forecast corn sales from 400,000 to 900,000 metric tons, soybean sales from 800,000 to 1.4 million tons and wheat sales from 200,000 to 500,000 tons, according to researcher Allendale.
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