Spot ethanol prices slumped Wednesday as data showing another ramp up in domestic ethanol production for the week-ended Feb. 8 offset a 3% stock draw for the week.
Energy Information Administration's data detailed ethanol output climbed 15,000 bpd or 2% to 789,000 bpd, rising after plants idled at the end of last year resumed operation.
EIA said, however, that total stocks fell 600,000 bbl to 19.5 million bbl, which limited the downside for ethanol prices. "More production is on the way ... statistics will keep climbing for production," said a trader.
George Orwel can be reached at firstname.lastname@example.org.
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