U.S. ethanol stocks surged last week as production grew slightly.

The U.S. Energy Information Administration says stocks hit a fifteen-week high at 23.807 million barrels, a jump of 361,000 on the week and 2.584 million on the year.

That’s a signal of slower demand, which was backed up by two other important indicators.

The Renewable Fuels Association says net inputs by ethanol refiners and blenders was down 1.5% from the previous week and the volume of gasoline supplied to the market fell to a six-week low.

…