Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 0.9 percent higher and are continuing that trend in early week trading, up 1.5 percent through Tuesday’s close. Midwest wholesale rack ethanol prices were higher to end last week and are up 1.7 percent through Tuesday’s market close to their last quote of 38.69 cents/liter (146.44 cents/gallon).
FOB Houston ethanol prices finished last week 3.9 percent higher and are up 1.9 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 39.14 cents/liter (148.14 cents/gallon). FOB Santos, Brazil anhydrous ethanol prices were lower last week; they are down in early week trading, falling 0.1 percent to 49.79 cents/liter (188.46 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 -10.65 cents/liter (-40.32 cents/gallon).
MTBE prices rose 1 percent last week and are extending those gains in early week trading, up 0.2 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 -1.61 cents/liter (-6.1 cents/gallon).
BTX component prices were mixed last week and are mostly lower through Tuesday’s market close: Benzene is down 3.6 percent while Toluene is down 1.2 percent, and Xylene is up 0.8 percent. The estimated weighted average aromatic price is currently 50.58 cents/liter (191.47 cents/gallon), down from last Friday’s close. The BTX-Houston ethanol spread narrowed last week, and the weighted average BTX price is 11.45 cents/liter (43.33 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were lower last week but are reversing that trend in early week trading. RBOB futures are up 0.7 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are up 0.6 and down 1.2 percent, respectively. WTI futures are 0.5 percent lower at $48/barrel while Brent futures are down 0.1 percent to $51.29/barrel, from Friday through Tuesday’s close.
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