Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week down 3 percent but are slightly up (+0.5 percent) in early week trading. Midwest wholesale rack ethanol prices were down 2.1 percent to end last week; they are mostly unchanged this week at 38.70 cents/liter (146.50 cents/gallon) through Tuesday’s trading.
FOB Houston ethanol prices finished last week down 5.2 percent; prices are down 2 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 37.81 cents/liter (143.15 cents/gallon). FOB Santos, Brazil ethanol prices ended last week up 3.6 percent; they are up significantly from Friday’s close and stand at 55.68 cents/liter (210.80 cents/gallon) through Tuesday’s trading.
The FOB Gulf-Santos, Brazil spread widened significantly from last week’s close through Tuesday’s trading and is currently at -17.87 cents/liter (-67.64 cents/gallon).
MTBE prices were up 2.5 percent to end last week; they continue up (+1.4 percent) to start this week. MTBE’s premium to FOB Houston ethanol widened again from last week and now stands at 18.17 cents/liter (68.81 cents/gallon).
BTX component prices were mixed to end last week and remain so through Tuesday’s trading: Benzene is up 5.1 percent, Toluene is up 2.5 percent while Xylene is down 1.4 percent. The estimated weighted average aromatic price is currently 71.21 cents/liter (269.58 cents/gallon), up slightly from last Friday’s close. The BTX-Houston ethanol spread widened again from last week; the weighted average BTX price is 33.39 cents/liter (126.42 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were up to end last week and remain up across the board through early-week trading. In terms of RBOB futures, 84 (Houston) and 87 (U.S. Gulf) octane gasoline prices are up 2.4 percent and 1.7 percent, respectively. WTI futures are up 1.6 percent to $64.10/barrel and Brent futures are up 0.4 percent to $70.64/barrel, from Friday’s close through Tuesday’s trading.
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