Last week, domestic ethanol demand was 13.2 BGY, down 4.6% compared to a week ago. The EIA-reported gas demand was down 4.6% from last week, at 127.6 BGY. The 4-week average ethanol and gas demand are 13.7 BGY and 132.6 BGY (-1.2% YoY).
Ethanol production was 17.3 BGY last week, up 1.2% versus the week before, and 7.7% more than the 4-week average in 2019. Production this week of 17,262 MGY set a new weekly production record, exceeding the 17,216 MGY previous record set the week ending October 31st. Midwest production was up 1.2% (+3.8 MG) versus a week ago, and average production in the other regions was unchanged. Capacity utilization of plants online was 96.1% overall, 97.3% in the Midwest, and 78.2% 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 89.8% overall, 94.6% in the Midwest and 46.3% in the other regions.
Exports were an estimated 39.7 MG last week based on 170 MG forecast for November. The EIA reported no ethanol imports last week.
Overall inventory was up 34.3 MG last week. EIA-counted stocks increased 22.8 MG, and regional changes were: East (+4 MG), Gulf (-5 MG) and West (-5 MG) Coasts and the Midwest (+29 MG). In-transit inventory levels increased 11.5 MG.
Based on the total inventory of 1,354 MG on November 28th and the 4-week avg. domestic demand, there were 35.0 days of supply, up 1.0 days from a week ago. Including the 4-week avg. of net exports, there were 30.4 days of supply, up 0.8 days from a week ago.