U.S. ethanol production shot up 6 percent the week ending December 2 to the highest level this year to 1.077 million b/d, equivalent to 45.23 million gallons daily and a 51-week high, according to data released by the U.S. Energy Information Administration and analyzed by the Renewable Fuels Association.
Production was 1.2% lower than the same week last year yet 1.8% above the five-year average for the week. The four-week average ethanol production increased 0.7% to 1.037 million b/d, equivalent to an annualized rate of 15.90 billion gallons (bg).
Ethanol stocks rose 1.4% to 23.3 million barrels, the largest weekly volume recorded since August. Stocks were 13.6% more than a year ago and 6.1% above the five-year average.