U.S. Ethanol Production Declines, Defying Analysts

By Kirk Maltais

U.S. production of ethanol took a dive in the past week, according to government data, running counter to analyst forecasts and expectations that U.S. consumers will consume a growing amount of gas.

In a weekly report from the U.S. Energy Information Administration, U.S. ethanol production fell 42,000 barrels per day to 1.025 million barrels per day for the week ended June 11. Analysts surveyed by Dow Jones this week had forecast production to rise for a fourth straight week.

Meanwhile, ending inventories of U.S. ethanol jumped this week, more than expected by analysts. Stocks rose 642,000 barrels to 20.6 million barrels. Analysts surveyed had forecast stocks to rise to a maximum of 20.56 million barrels.

Most-active corn futures trading on the Chicago Board of Trade are higher in trading Wednesday, with the contract up 2.4% to over $6.83 per bushel.

To see related data, search "U.S. DOE Oil Data: PADD Breakdown" in Dow Jones NewsPlus.

Write to Kirk Maltais at [e-mail]

(END) Dow Jones Newswires

06-16-21 1110ET