Last week, domestic ethanol demand was 14.0 BGY, down 5.6% compared to a week ago. The EIA-reported gas demand was down 5.6% from last week, at 133.8 BGY. The week-on-week decrease was likely related to the strong demand the week before when drivers likely filled tanks promptly due to the Hormuz Straits closure. The 4-week average ethanol and gas demand are 14.0 BGY and 134.1 BGY (-1.0% YoY).
Ethanol production was 16.8 BGY last week, down 1.6% versus the week before, and 9.0% more than the 4-week average in 2019. Midwest production was down 4.0% (-12.6 MG) versus a week ago, and average production in the other regions was up 20.8% (+2.9 MG). Ethanol production capacity utilization of plants online this week was 93.0% overall, 94.1% in the Midwest, and 77.9% on average, elsewhere, excluding 1,258 MGY of capacity shutdown at 25 ethanol plants for other than maintenance. On an installed capacity basis, utilization was 87.0% overall, 91.5% in the Midwest and 46.1% in the other regions.
Exports were an estimated 49.7 MG last week based on 220 MG forecast for March. The EIA reported no ethanol imports last week.
Overall inventory was down 0.5 MG last week. EIA-counted stocks increased 34.7 MG, and regional changes were: East (-2 MG), Gulf (-3 MG) and West (+3 MG) Coasts and the Midwest (+36 MG). In-transit inventory levels decreased 35.2 MG.
Based on the total inventory of 1,469 MG on March 13th and the 4-week avg. domestic demand, there were 38.3 days of supply, up 0.1 days from a week ago. Including the 4-week avg. of net exports, the days of supply were 32.4 days, unchanged from a week ago.