US ethanol production crashes to six-year low, new figures show
Ethanol production has plummeted to a six-and-a-half year low in the US.
According to data from the Energy Information Administration that has been seen by the Renewable Fuels Association, production has fallen by 16.4%, or 165,000 barrels per day to a total of 840,000 barrels per day.
This is the largest drop since the Administration began reporting on ethanol production statistics 10 years ago.
Ethanol stocks rose 6.5% to a record 25.7m barrels, eclipsing the previous high set just four weeks ago.
The volume of gasoline supplied to the US market, which is a measure of implied demand, fell to 6.6m barrels per day, which was 24.6% lower than the previous week and 27% lower than the same week last year.
This fall is reflected in the impact on the industry by the Covid-19 global pandemic and the effect social distancing and stay-at-home policies were having on the market.
According to data from the Energy Information Administration that has been seen by the Renewable Fuels Association, production has fallen by 16.4%, or 165,000 barrels per day to a total of 840,000 barrels per day.
This is the largest drop since the Administration began reporting on ethanol production statistics 10 years ago.
Ethanol stocks rose 6.5% to a record 25.7m barrels, eclipsing the previous high set just four weeks ago.
The volume of gasoline supplied to the US market, which is a measure of implied demand, fell to 6.6m barrels per day, which was 24.6% lower than the previous week and 27% lower than the same week last year.
This fall is reflected in the impact on the industry by the Covid-19 global pandemic and the effect social distancing and stay-at-home policies were having on the market.
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