Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 10.7 percent lower and moved lower still in early week trading and fell 0.9 percent through Tuesday’s close. Midwest wholesale rack ethanol prices were lower to end last week and were down 3.6 percent through Tuesday’s market close to their last quote of 63.88 cents/liter (241.8 cents/gallon).
FOB Houston ethanol prices finished last week 8.3 percent lower and are down 4.6 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 59.48 cents/liter (225.14 cents/gallon). FOB Santos, Brazil anhydrous ethanol prices were lower last week; they are down in early week trading, falling 3.5 percent to 63.21 cents/liter (239.285 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 -3.74 cents/liter (-14.14 cents/gallon).
MTBE prices fell 10.2 percent last week but pared some of those losses in early week trading, gaining 2.6 percent from Friday’s close through Tuesday’s trading. MTBE’s premium to FOB Houston ethanol has increased from last week’s report and stands at 13.96 cents/liter (52.85 cents/gallon).
BTX component prices were sharply lower last week and continued that trend through Tuesday’s market close: Benzene was down 3.1 percent while Toluene was down 2 percent, and Xylene was down 5.7 percent. The estimated weighted average aromatic price is currently 103.04 cents/liter (390.06 cents/gallon), down from last Friday’s close. The BTX-Houston ethanol spread narrowed last week, and the weighted average BTX price is 43.57 cents/liter (164.92 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were mostly higher last week but were lower in early week trade. RBOB futures are down 5.8 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are down 3.6 and 2.5 percent, respectively. WTI futures are 7.2 percent lower at $74.25/barrel while Brent futures are down 6.9 percent to $79.69/barrel, from Friday through Tuesday’s close.
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