Last week, domestic ethanol demand was 13.2 BGY, up 2.7% compared to a week ago. The EIA-reported gas demand was up 2.7% from last week, at 127.3 BGY. The 4-week average ethanol and gas demand are 13.1 and 127.2 BGY (+1.8% YoY).
Ethanol production was 15.6 BGY last week, down 7.6% versus the week before, and 1.3% less than the 4-week average in 2019. Midwest production was down 7.5% (-22.9 MG) versus a week ago, and average production in the other regions was down 10.5% (-1.8 MG) all in the Gulf Coast region. Capacity utilization of plants online was 86.2% overall, 87.7% in the Midwest, and 65.5% on average, elsewhere, excluding 1,027 MGY of capacity shutdown at 22 ethanol plants for other than maintenance. On an installed capacity basis, utilization was 81.6% overall, 86.1% in the Midwest and 41.0% in the other regions.
Exports were an estimated 42.9 MG last week based on 190 MG forecast for January. The EIA reported no ethanol imports last week.
Overall inventory was down 0.9 MG last week. EIA-counted stocks decreased 6.4 MG, and regional changes were: East (+ 9 MG), Gulf (-20 MG) and West (+2 MG) Coasts and the Midwest (+3 MG). In-transit inventory levels increased 5.5 MG.
Based on the total inventory of 1,607 MG on Jan 24th and the 4-week avg. domestic demand, there were 44.1 days of supply, up 0.2 days versus a week ago. Including the 4-week avg. of net exports, there were 37.7 days of supply, up 0.1 days versus a week ago.