Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week down 2.4 percent but are close to unchanged through Tuesday’s trading with nearby CBOT ethanol futures down only 0.3 percent from Friday’s close. Midwest wholesale rack ethanol prices were down slightly to end last week; they are up slightly this week with prices at 36.92 cents/liter (139.75 cents/gallon) through Tuesday’s trading.
FOB Houston ethanol prices finished last week up 1.3 percent, but prices are down through Tuesday’s trading (-2.2 percent) from Friday’s close. FOB Houston ethanol prices are quoted at 34.821 cents/liter (131.813 cents/gallon). FOB Santos, Brazil ethanol prices ended last week up slightly; prices are back down from Friday’s close and stand at 50.584 cents/liter (191.480 cents/gallon) through Tuesday’s trading.
The FOB Gulf-Santos, Brazil spread narrowed from last week’s close through Tuesday’s trading and is currently at -15.762 cents/liter (-59.668 cents/gallon).
MTBE prices were down 6.0 percent to end last week but are mostly unchanged through early week trading. MTBE’s premium to FOB Houston ethanol stood at 13.960 cents/liter (52.84 cents/gallons), widening slightly from last week’s figure.
BTX component prices were mixed to end last week and continue mixed through Tuesday’s trading, with Benzene prices down 5.1 percent, Toluene prices up 3.1 percent and Xylene prices down 4.2 percent. The estimated weighted average aromatic price is currently 59.01 cents/liter (223.39 cents/gallon), down from last Friday’s close. The BTX-Houston ethanol spread narrowed further this week, with the weighted average BTX price now 24.192 cents/liter (91.58 cents/gallon) higher than FOB Houston ethanol prices.
Gasoline and petroleum products are mixed in early week trading as supply cuts and production figures from the U.S. compete for market influence. RBOB futures are down 1.5 percent with 84 (Houston) and 87 (U.S. Gulf) octane gasoline prices both down. WTI futures are unchanged and Brent futures are down 0.9 percent from Friday’s close through Tuesday’s trading.
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