Last week, domestic ethanol demand was 13.1 BGY, down 3.9% compared to a week ago. The EIA-reported gas demand was down 3.9% from last week, at 126.3 BGY. The 4-week average ethanol and gas demand are 13.3 and 128.2 BGY (+0.4% YoY).
Ethanol production was 16.6 BGY last week, up 0.2% versus the week before, and 7.8% more than the 4-week average in 2019. Midwest production was up 1.0% (+2.9 MG) versus a week ago, and average production in the other regions was down 13.6% (-2.4 MG) mostly in the Gulf Coast region. Capacity utilization of plants online was 93.1% overall, 94.6% in the Midwest, and 69.6% on average, elsewhere, excluding 1,220 MGY of capacity shutdown at 24 ethanol plants for other than maintenance. On an installed capacity basis, utilization was 87.1% overall, 92.2% in the Midwest and 41.0% in the other regions.
Exports were an estimated 45.0 MG last week based on 180 MG forecast for February. The EIA reported no ethanol imports last week.
Overall inventory was up 19.2 MG last week. EIA-counted stocks increased 22.1 MG, and regional changes were: East (+10 MG), Gulf (-5 MG) and West (+7 MG) Coasts and the Midwest (+12 MG). In-transit inventory levels decreased 2.9 MG.
Based on the total inventory of 1,653 MG on Feb 14th and the 4-week avg. domestic demand, there were 44.8 days of supply, up 0.1 days versus a week ago. Including the 4-week avg. of net exports, there were 38.2 days of supply, up 0.1 days versus a week ago.