Last week, domestic ethanol demand was 14.8 BGY, up 5.6% compared to a week ago. The EIA-reported gas demand was up 5.6% from last week, at 141.9 BGY. With last week being the week leading into the long Memorial Day weekend, the large increase is in line with typical W-o-W increases seen before similar holiday weekends. The 4-week average ethanol and gas demand are 14.3 BGY and 136.4 BGY (-0.1% YoY).
Ethanol production was 16.7 BGY last week, down 2.0% versus the week before, and 2.8% more than the 4-week average in 2019. Midwest production was down 2.0% (-6.2 MG) versus a week ago, and average production in the other regions was down 1.8% (-0.3 MG). Ethanol production capacity utilization of plants online this week was 92.3% overall, 93.7% in the Midwest, and 72.2% on average, elsewhere, excluding 1,236 MGY of capacity shutdown at 24 ethanol plants for other than maintenance. On an installed capacity basis, utilization was 86.4% overall, 91.3% in the Midwest and 42.9% in the other regions.
Exports were an estimated 47.4 MG last week based on 210 MG forecast for May. The EIA reported no ethanol imports last week.
Overall inventory was down 15.6 MG last week. EIA-counted stocks increased 3.9 MG, and regional changes were: East (+6 MG), Gulf (-3 MG) and West (+3 MG) Coasts and the Midwest (-1 MG). In-transit inventory levels decreased 19.5 MG.
Based on the total inventory of 1,309 MG on May 22nd and the 4-week avg. domestic demand, there were 33.8 days of supply, down 0.4 days from a week ago. Including the 4-week avg. of net exports, the days of supply were 28.7 days, down 0.2 days from a week ago.