Ethanol production up for third week in a row

Ethanol production up for third week in a row

U.S. ethanol production moved higher last week as stocks sank.

The U.S. Energy Information Administration says production was an eight-week high, averaging 1.068 million barrels a day, up 49,000 on the week and 64,000 on the year.

That is the third week in a row with a gain as producers and retailers end seasonal maintenance and prepare for the summer driving season.

Ethanol stocks hit a near six-month low, falling 1.005 million barrels from the previous week to 23.207 million barrels, which was still 875,000 above a year ago.

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