Last week, domestic ethanol demand was 13.7 BGY, down 1.4% compared to a week ago. The EIA-reported gas demand was down 1.4% from last week, at 131.3 BGY. The 4-week average ethanol and gas demand are 14.0 BGY and 133.8 BGY (+1.5% YoY).
Ethanol production was 17.1 BGY last week, up 3.8% versus the week before, and 11.6% more than the 4-week average in 2019. Midwest production was up 4.0% (+12.1 MG) versus a week ago, and average production in the other regions was unchanged. Ethanol production capacity utilization of plants online this week was 94.9% overall, 96.7% in the Midwest, and 68.5% on average, elsewhere, excluding 1,236 MGY of capacity shutdown at 24 ethanol plants for other than maintenance (one 22 MGY plant restarted.) On an installed capacity basis, utilization was 88.8% overall, 94.1% in the Midwest and 40.6% in the other regions.
Exports were an estimated 50.2 MG last week based on 220 MG forecast for March and 220 MG for April. The EIA reported no ethanol imports last week.
Overall inventory was up 10.8 MG last week. EIA-counted stocks increased 2.6 MG, and regional changes were: East (-10 MG), Gulf (+2 MG) and West (+7 MG) Coasts and the Midwest (+4 MG). In-transit inventory levels increased 8.2 MG.
Based on the total inventory of 1,433 MG on April 3rd and the 4-week avg. domestic demand, there were 37.3 days of supply, up 0.8 days from a week ago. Including the 4-week avg. of net exports, the days of supply were 31.4 days, up 0.5 days from a week ago.
Based on US Census data, ethanol exports in February were 219.2 MG, 23.2% more than February 2025, including an estimated 8.0 MG used to make ETBE for export with all to Japan (assuming 60% of ETBE exports were derived from U.S. corn ethanol). The major export destinations were Canada (61 MG), The Netherlands (42 MG), India (27 MG), Brazil (26 MG), Columbia (10 MG), United Kingdom, Spain and South Korea (9 MG each), Mexico (7 MG), Philippines and Peru (6 MG each), and lesser amounts to other countries. The total to Europe (EU + UK) was 60 MG. YTD 2026, exports have totaled 442 MG, 23% more than YTD 2025.
Based on US Census data, 1.8 MG of fuel ethanol was imported in February, all from Canada. In February, there were 8.2 MG of ethanol imports reported for industrial use from Brazil, likely for ETBE production and re-export to Japan, and 15.7 MG YTD, +16% versus YTD 2025.