Ethanol production remains steady thanks to low corn prices

In Washington, Platts reports that Energy Information Administration data shows ethanol production ending the week of August 24 fell only 3,000 barrels per day from the previous week at an average of 1.07 million bpd. Falling corn prices ahead of the upcoming harvest have kept margins high enough to promote further ethanol production. About half a million barrels was headed to the Arabian Coast from the Gulf Coast, drawing down stocks there while Midwest producers began to build up stocks ahead of anticipated maintenance downtimes.