Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 0.8 percent lower and weakened further in early week trading to fall 2 percent through Tuesday’s close. Midwest wholesale rack ethanol prices were lower to end last week but were up 1.8 percent through Tuesday’s market close to their last quote of 74.57 cents/liter (282.26 cents/gallon).
FOB Houston ethanol prices finished last week 6.7 percent lower but are up 3.3 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 69.37 cents/liter (262.6 cents/gallon). FOB Santos, Brazil anhydrous ethanol prices were lower last week; they are down in early week trading, falling 1.1 percent to 67.6 cents/liter (255.885 cents/gallon) through Tuesday’s trading.
The FOB Gulf-Santos, Brazil ethanol spread has widened from last week’s close through Tuesday’s trading and is currently at 1.77 cents/liter (6.71 cents/gallon).
MTBE prices fell 6 percent last week and extended those losses in early week trading, falling 7.7 percent from Friday’s close through Tuesday’s trading. MTBE’s premium to FOB Houston ethanol has decreased from last week’s report and stands at 38.05 cents/liter (144.02 cents/gallon).
BTX component prices were mixed last week but were lower through Tuesday’s market close: Benzene was down 7.3 percent while Toluene was down 1 percent, and Xylene was down 4.6 percent. The estimated weighted average aromatic price is currently 159.2 cents/liter (602.63 cents/gallon), down from last Friday’s close. The BTX-Houston ethanol spread narrowed last week, and the weighted average BTX price is 89.83 cents/liter (340.03 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were lower last week and fell sharply in early week trade. RBOB futures are down 6 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are down 6.6 and 0.8 percent, respectively. WTI futures are 8.6 percent lower at $95.82/barrel while Brent futures are down 7 percent to $99.49/barrel, from Friday through Tuesday’s close.
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