U.S. spot ethanol values edged higher in most of the nation's key trade hubs after new federal data showed ethanol stocks declined despite a surge in production to a five-week high last week.
"The fact that you have production at high levels and are not building inventory -- that is somewhat supportive," commented Jerrod Kitt, strategist for the Linn Group in Chicago.
Ethanol production increased 16,000 bpd or 2.0% to 959,000 bpd, the Energy Information Administration reported this morning. U.S. ethanol inventories decreased 5,000 bbl to a four-week low of 17.94 million bbl during the week-ended July 18.
Prompt ethanol at Chicago was pegged up 2.0 cents at $2.15 per gallon while New York Harbor was up 1.0 cent at $2.24 per gallon.
Myke Feinman can be reached at firstname.lastname@example.org.
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