Last week, domestic ethanol demand was 13.9 BGY, down 2.7% compared to a week ago. The EIA-reported gas demand was down 2.7% from last week, at 133.2 BGY. The 4-week average ethanol and gas demand are 14.2 BGY and 136.4 BGY (+1.3% YoY).
Ethanol production was 16.5 BGY last week, down 3.7% versus the week before, and 7.4% more than the 4-week average in 2019. Midwest production was down 3.5% (-10.9 MG) versus a week ago, and average production in the other regions was down 7.3% (-1.2 MG) mainly in Gulf Coast. Ethanol production capacity utilization of plants online this week was 91.5% overall, 93.1% in the Midwest, and 68.5% 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 85.5% overall, 90.5% in the Midwest and 40.6% 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 4.5 MG last week. EIA-counted stocks decreased 49.5 MG, and regional changes were: East (-1 MG), Gulf (-18 MG) and West (-4 MG) Coasts and the Midwest (-27 MG). In-transit inventory levels increased 45.0 MG.
Based on the total inventory of 1,423 MG on March 27th and the 4-week avg. domestic demand, there were 36.5 days of supply, down 0.6 days from a week ago. Including the 4-week avg. of net exports, the days of supply were 30.9 days, down 0.5 days from a week ago.