Last week, domestic ethanol demand was 13.8 BGY, down 4.2% compared to a week ago. The EIA-reported gas demand was down 4.2% from last week, at 133.6 BGY. The 4-week average ethanol and gas demand are 14.1 and 136.8 BGY (+3.5% YoY).
Ethanol production was 15.6 BGY last week, down 1.9% versus the week before, and 1.6% less than the 4-week average in 2019. Midwest production was down 1.2% (-3.5 MG) versus a week ago, and average production in the other regions was down 13.3% (-2.4 MG) mainly in the Gulf Coast. Capacity utilization of plants online was 87.5% overall, 88.6% in the Midwest, and 70.7% 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 81.8% overall, 86.2% in the Midwest and 41.7% in the other regions.
Exports were an estimated 41.5 MG last week based on 180 MG forecast for April and 170 MG forecast for May. The EIA reported no ethanol imports last week.
Overall inventory was down 10.6 MG last week. EIA-counted stocks decreased 8.3 MG, and regional changes were: East (+4 MG), Gulf (-2 MG) and West (+8 MG) Coasts and the Midwest (-19 MG). In-transit inventory levels decreased 2.3 MG.
Based on the total inventory of 1,544 MG on May 2nd and the 4-week avg. domestic demand, there were 40.5 days of supply, down 0.8 days versus a week ago. Including the 4-week avg. of net exports, there were 35.1 days of supply, down 0.6 days versus a week ago.