According to data released by the US Energy Information Association (EIA) on Wednesday, ethanol production fell in the United States last week, and ethanol stocks fell from record highs, as overall demand remained sluggish.
According to data released by the EIA, as of the week of March 23, US ethanol production was 889,000 barrels per day, which was lower than 893,000 barrels per day in the previous week.
The four-week moving average output decreased by 0.4% from the same period of last year, and supply increased by 2.5% over the same period of last year.
Lynn Group analyst JerrodKitt said: "Because of the impact of spring maintenance, production data may be unstable."
The data released by the EIA also showed that last week's US ethanol stocks fell slightly to 26.63 million barrels, which was a departure from the record high of 22.7 million barrels hit in the previous week.
High prices in the past week have been cutting consumer demand. The data shows that in the past month, the demand for gasoline in the United States declined.
The drop in demand has kept ethanol stocks at a high level. The U.S. government issued a statement saying that the amount of ethanol in the United States per gallon of gasoline is only 10%.
Many ethanol plants increased their production by the end of 2011 before the volume-based fuel ethanol concession tax deduction (VEETC) expired. This is a tax incentive that gives 45 cents per gallon of tax relief for fuel ethanol.
Since the expiration of the VEETC, ethanol stocks in the United States have remained high, forcing some ethanol plants to cut output or close down.
According to data released by the EIA, as of the week of March 23, US ethanol production was 889,000 barrels per day, which was lower than 893,000 barrels per day in the previous week.
The four-week moving average output decreased by 0.4% from the same period of last year, and supply increased by 2.5% over the same period of last year.
Lynn Group analyst JerrodKitt said: "Because of the impact of spring maintenance, production data may be unstable."
The data released by the EIA also showed that last week's US ethanol stocks fell slightly to 26.63 million barrels, which was a departure from the record high of 22.7 million barrels hit in the previous week.
High prices in the past week have been cutting consumer demand. The data shows that in the past month, the demand for gasoline in the United States declined.
The drop in demand has kept ethanol stocks at a high level. The U.S. government issued a statement saying that the amount of ethanol in the United States per gallon of gasoline is only 10%.
Many ethanol plants increased their production by the end of 2011 before the volume-based fuel ethanol concession tax deduction (VEETC) expired. This is a tax incentive that gives 45 cents per gallon of tax relief for fuel ethanol.
Since the expiration of the VEETC, ethanol stocks in the United States have remained high, forcing some ethanol plants to cut output or close down.
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