Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 0.9 percent lower and were lower still in early week trading and fell 0.5 percent through Tuesday’s close. Midwest wholesale rack ethanol prices were lower to end last week and were down 0.4 percent through Tuesday’s market close to their last quote of 61.68 cents/liter (233.49 cents/gallon).
FOB Houston ethanol prices finished last week 0.4 percent higher but are down 0.5 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 59.73 cents/liter (226.09 cents/gallon). FOB Santos, Brazil anhydrous ethanol prices were lower last week; they are down in early week trading, falling 1.4 percent to 60.58 cents/liter (229.305 cents/gallon) through Tuesday’s trading.
The FOB Gulf-Santos, Brazil ethanol spread has narrowed from last week’s close through Tuesday’s trading and is currently at -0.85 cents/liter (-3.21 cents/gallon).
MTBE prices rose 7 percent last week and extended that rally in early week trading to gain 4.9 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 25.96 cents/liter (98.27 cents/gallon).
BTX component prices were sharply higher last week and were higher still through Tuesday’s market close: Benzene was up 3.8 percent while Toluene was up 1.5 percent, and Xylene was up 2.1 percent. The estimated weighted average aromatic price is currently 95.22 cents/liter (360.44 cents/gallon), up from last Friday’s close. The BTX-Houston ethanol spread widened last week, and the weighted average BTX price is 35.49 cents/liter (134.35 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were higher last week and continued that strength in early week trade. RBOB futures are up 0.1 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are down 0.2 and up 1.5 percent, respectively. WTI futures are 1.8 percent lower at $80.13/barrel while Brent futures are down 1.4 percent to $86.4/barrel, from Friday through Tuesday’s close.
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