The U.S. ethanol supply dropped to multi-year lows last week due to solid demand and a recent dip on production.

The U.S. Energy Information Administration says ethanol stocks were 21.112 million barrels, the tightest supply since the end of 2021, and down 414,000 on the week and 732,000 on the year.

Production did rebound, hitting a five-week high at 1.035 million barrels a day, up 31,000 from the previous week and 19,000 from a year ago.

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