Last week, domestic ethanol demand was 14.6 BGY, up 4.5% compared to a week ago. The EIA-reported gas demand was up 4.5% from last week, at 141.6 BGY. The 4-week average ethanol and gas demand are 14.3 and 138.4 BGY (-1.1% YoY). Some of the W-o-W increase may be due to the lead-in to the long Labor Day weekend and the beginning of the school year in some sections of the country.
Ethanol production was 16.4 BGY last week, down 0.2% versus the week before, and 3.2% more than the 4-week average in 2019. Midwest production was down 0.1% (-0.3 MG) versus a week ago, and average production in the other regions was down 1.9% (-0.3 MG) mainly on the Gulf Coast. Capacity utilization of plants online was 91.6% overall, 92.9% in the Midwest, and 71.8% on average, elsewhere, excluding 1,258 MGY of capacity shutdown at 25 ethanol plants for other than maintenance (details on pg. 30). On an installed capacity basis, utilization was 85.6% overall, 90.4% in the Midwest and 42.4% in the other regions.
Exports were an estimated 40.6 MG last week based on 180 MG forecast for August. The EIA reported no ethanol imports last week.
Overall inventory was down 11.0 MG last week. EIA-counted stocks decreased 5.8 MG, and regional changes were: East (unchanged), Gulf (-8 MG) and West (+4 MG) Coasts and the Midwest (unchanged). In-transit inventory levels decreased 5.1 MG.
Based on the total inventory of 1,407 MG on August 22nd and the 4-week avg. domestic demand, there were 36.1 days of supply, down 0.1 days from a week ago. Including the 4-week avg. of net exports, there were 31.4 days of supply, down 0.1 days from a week ago.