U.S. ethanol production record high in latest week
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KANSAS CITY — U.S. ethanol production increased about 3% to a record average of 972,000 barrels per day in the week ended June 13, according to data from the U.S. Energy Information Administration.
It was the sixth consecutive weekly gain in ethanol production. The prior record was 963,000 barrels per day in the final week of 2011.
At the same time, ethanol stocks declined 572,000 barrels to 17.85 million barrels, a three-week low, according to the E.I.A.
Higher gasoline prices have increased demand for ethanol, trade sources said, while near-record profit margins for ethanol manufacturers, largely due to lower corn prices, also encouraged production.
Trade sources said the E.I.A. report helped boost corn futures prices on June 19. The nearby July contract closed 9c higher at $4.50½ a bu after tumbling 80c, or 15%, since early May.