Last week, domestic ethanol demand was 13.7 BGY, down 2.0% compared to a week ago. The EIA-reported gas demand was down 2.0% from last week, at 132.5 BGY. The 4-week average ethanol and gas demand are 14.1 and 136.1 BGY (-0.2% YoY).
Ethanol production was 16.1 BGY last week, down 4.7% versus the week before, and 4.6% more than the 4-week average in 2019. Midwest production was down 5.2% (-16.2 MG) versus a week ago, and average production in the other regions was up 6.3% (+0.9 MG), mainly in the East Coast region. Capacity utilization of plants online was 90.6% overall, 92.0% in the Midwest, and 69.6% 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 84.6% overall, 89.5% 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 March. The EIA reported no ethanol imports last week.
Overall inventory was down 0.1 MG last week. EIA-counted stocks increased 32.6 MG, and regional changes were: East (-4 MG), Gulf (+2 MG) and West (-2 MG) Coasts and the Midwest (+35 MG). In-transit inventory levels decreased 32.6 MG.
Based on the total inventory of 1,626 MG on Mar 21st and the 4-week avg. domestic demand, there were 42.2 days of supply, down 0.2 days versus a week ago. Including the 4-week avg. of net exports, there were 36.3 days of supply, down 0.1 days versus a week ago.