OIL PRICE INTELLIGENCE REPORT
Chart of the Week - Fuel ethanol production capacity in the U.S. hit 17.3 billion gallons per year (gal/y), or 1.1 million barrels per day (b/d), as of January 2020. Capacity was up 3 percent year-on-year in January. - 12 of the top 13 ethanol-producing states are in the Midwest, with Iowa holding 4.5 billion gallons per year in capacity, roughly double the state with the next largest capacity (Nebraska). - Despite growing capacity, actual production has declined recently. Output was down because gasoline demand plunged following the onset of the pandemic. The EIA sees production averaging 0.9 mb/d in 2020, down 13 percent from 2019 levels. Market Movers - Dominion Energy (NYSE: D) was upgraded to Overweight by JPMorgan with a $84 price target. The bank said Dominion is “best positioned to highlight ‘green rate of change’ and attract incremental ESG investors.” - Baker Hughes (NYSE: BKR) announced an order to supply main refrigerant compressors to four “mega