Ethanol production in the US increases

According to data from the EIA, after a drop in production in the recent times, daily ethanol production in the US has picked up.

The EIA said that ethanol production rose to 1.034 million barrels per day for the week ended July 15, which is up from 1.005 million barrels the previous week.

The pick-up seen in production exceeds the forecasts of analysts surveyed by Dow Jones this week, who were projecting production to land anywhere from 995,000 barrels per day to 1.03 million barrels per day.

The EIA also reported that ethanol inventories fell to 23.55 million barrels, which is down from 23.61 million barrels reported last week. Analysts were forecasting stocks to land anywhere from 22.6 million barrels to 24 million barrels.