Last week, domestic ethanol demand was 13.5 BGY, down 1.7% compared to a week ago. The EIA-reported gas demand was down 1.7% from last week, at 130.2 BGY. The 4-week average ethanol and gas demand are 13.9 and 134.7 BGY (-1.9% YoY).
Ethanol production was 16.3 BGY last week, up 0.9% versus the week before, and 6.2% more than the 4-week average in 2019. Midwest production was up 0.8% (+2.4 MG) versus a week ago, and average production in the other regions was up 3.9% (+0.6 MG), mainly in the Gulf Coast region. Capacity utilization of plants online was 91.5% overall, 92.7% in the Midwest, and 72.3% 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 85.4% overall, 90.2% in the Midwest and 42.6% 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 up 7.4 MG last week. EIA-counted stocks decreased 31.0 MG, and regional changes were: East (-22 MG), Gulf (+17 MG) and West (unchanged) Coasts and the Midwest (-26 MG). In-transit inventory levels increased 38.4 MG.
Based on the total inventory of 1,591 MG on Mar 28th and the 4-week avg. domestic demand, there were 41.5 days of supply, up 0.4 days versus a week ago. Including the 4-week avg. of net exports, there were 35.8 days of supply, up 0.4 days versus a week ago.