Last week, domestic ethanol demand was 13.4 BGY, up 2.6% compared to a week ago. The EIA-reported gas demand was up 2.6% from last week, at 129.6 BGY. The 4-week average ethanol and gas demand are 13.3 and 128.8 BGY (-0.1% YoY).
Ethanol production was 16.6 BGY last week, down 0.3% versus the week before, and 7.0% more than the 4-week average in 2019. Midwest production was unchanged versus a week ago, and average production in the other regions was down 5.9% (-0.9 MG) mostly in the Gulf Coast region. Capacity utilization of plants online was 92.8% overall, 94.6% in the Midwest, and 65.5% 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 86.9% overall, 92.2% in the Midwest and 38.6% 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 11.8 MG last week. EIA-counted stocks increased 56.8 MG, and regional changes were: East (unchanged), Gulf (+23 MG) and West (+1 MG) Coasts and the Midwest (+32 MG). In-transit inventory levels decreased 45.0 MG.
Based on the total inventory of 1,665 MG on Feb 21st and the 4-week avg. domestic demand, there were 45.1 days of supply, up 0.3 days versus a week ago. Including the 4-week avg. of net exports, there were 38.4 days of supply, up 0.2 days versus a week ago.