Production of fuel ethanol in the United States stayed up last week, helping ending stocks surpass 20 million barrels for the first time in two months, according to data released by the U.S. Energy Information Administration on Wednesday, June 16.
Production remained above 1 million barrels per day for the fifth consecutive week, averaging 1,025,000 barrels daily for the week ending June 11, down slightly from 1,067,000 barrels per day the previous week.
Meanwhile weekly U.S. ethanol ending stocks also increased — for the third week in a row — after dipping below 19 million barrels for the week ending May 21, the first time that's happened since December 2016.
A total of 20.602 million barrels were produced last week compared to 19.960 million barrels the week before.
This is an increase of more than 3% and suggests ending stocks are settling in at a higher level after remaining low the previous three months.