Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 2.3 percent higher but have reversed those gains in early week trading, down 1.9 percent through Tuesday’s close. Midwest wholesale rack ethanol prices were higher to end last week but are down 1.0 percent through Tuesday’s market close to their last quote of 40.05 cents/liter (151.60 cents/gallon).
FOB Houston ethanol prices finished last week 0.4 percent higher, but prices are down 2.2 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 39.48 cents/liter (149.43 cents/gallon). FOB Santos, Brazil anhydrous ethanol prices were higher last week; they are up early this week, rising 0.7 percent to 58.74 cents/liter (222.35 cents/gallon) through Tuesday’s trading.
The FOB Gulf-Santos, Brazil ethanol spread widened from last week’s close through Tuesday’s trading and is currently at -19.26 cents/liter (-72.91 cents/gallon).
MTBE prices jumped 7.4 percent higher last week and have extended those gains in early week trading, up 1.5 percent from Friday’s close through Tuesday’s trading. MTBE’s premium to FOB Houston ethanol has increased from last week and stands at 26.17 cents/liter (99.06 cents/gallon).
BTX component prices were mixed last week and have continued that trend through Tuesday’s market close: Benzene is up 1.1 percent while Toluene is down 0.8 percent, and Xylene is up 0.1 percent. The estimated weighted average aromatic price is currently 61.37 cents/liter (232.30 cents/gallon), down from last Friday’s close. The BTX-Houston ethanol spread widened last week, and the weighted average BTX price is 21.89 cents/liter (82.87 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were higher last week but have reversed that trend in early week trading. RBOB futures are down 2.8 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are down 3.8 and 2.2 percent, respectively. WTI futures are down 1.0 percent to $61.13/barrel while Brent futures are down 1.3 percent to $66.03/barrel, from Friday close through Tuesday’s close.
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