Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 5.6 percent higher and are continuing that trend in early week trading, up 6.8 percent through Tuesday’s close. Midwest wholesale rack ethanol prices were higher to end last week and are up 3.7 percent through Tuesday’s market close to their last quote of 58.84 cents/liter (222.73 cents/gallon).
FOB Houston ethanol prices finished last week 2.8 percent higher and are up 6.6 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 58.57 cents/liter (221.71 cents/gallon). FOB Santos, Brazil anhydrous ethanol prices were higher last week; they are up in early week trading, rising 5.8 percent to 55.63 cents/liter (210.565 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 2.94 cents/liter (11.15 cents/gallon).
MTBE prices rose 0.3 percent last week and are continuing that rally in early week trading, up 2.4 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 -1.62 cents/liter (-6.15 cents/gallon).
BTX component prices were sharply higher last week and are extending those gains through Tuesday’s market close: Benzene is up 17.4 percent while Toluene is up 3.3 percent, and Xylene is down 0.9 percent. The estimated weighted average aromatic price is currently 74.02 cents/liter (280.2 cents/gallon), up from last Friday’s close. The BTX-Houston ethanol spread narrowed last week, and the weighted average BTX price is 15.45 cents/liter (58.49 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were higher last week but are slightly weaker in early week trading. RBOB futures are down 1.4 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are down 1.2 and up 0.5 percent, respectively. WTI futures are 1.1 percent lower at $62.5/barrel while Brent futures are down 0.3 percent to $66.57/barrel, from Friday through Tuesday’s close.
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