Ethanol Falls to Three-Week Low on Ample Supply, Lower Demand
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Ethanol futures slipped to a three-week low in Chicago amid ample supply of the fuel and lower demand for gasoline.
The grain-based additive declined after the Energy Department reported that gasoline demand fell 1.3 percent last week to 9.06 million barrels a day, about 1.5 percent lower than a year earlier, and that ethanol stockpiles are up 19 percent this year to 20.1 million barrels. The biofuel is mixed with gasoline to stretch supply.