Ethanol production in the U.S. rose 0.5 percent to 857,000 barrels a day last week, the highest level since June, the Energy Information Administration said.
Output jumped for a second consecutive week, the Energy Department’s statistical arm said in a report today. Stockpiles plummeted 3.2 percent to 17 million barrels, the lowest level since the week ended Nov. 4, 2011.
Ethanol-blended gasoline made up about 96 percent of the total U.S. gasoline pool in the week ended April 26, up from 93 percent the previous week and the most since April 5.
The U.S. made no foreign purchases of the fuel after importing 39,000 barrels a day the previous week, the EIA said.
Denatured ethanol for May delivery declined 2.1 cents, or 0.8 percent, to $2.561 a gallon at 11:55 a.m. New York time on the Chicago Board of Trade. Prices have gained 17 percent this year.