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 ...