Ethanol production reaches 16-week high but stocks still drop

In New Jersey, DTN reports that Energy Information Administration data shows ethanol production has continued to increase in light of growing demand for fuel, reaching a 16-week high at 931,000 bpd during the second week of July. But even with higher production and a 3.6% drop in demand, stocks were still drawn down for the second consecutive week to 20.608 million barrels. Production was down nearly 13% on the year while stocks were 12% lower.