Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week down 1.4 percent but have gained back that loss through Tuesday’s trading with nearby CBOT ethanol futures up 1.4 percent from Friday’s close. Midwest wholesale rack ethanol prices were down slightly to end last week; they are up slightly this week with prices at 37.07 cents/liter (140.32 cents/gallon) through Tuesday’s trading.
FOB Houston ethanol prices finished last week down 1.8 percent; prices are up through Tuesday’s trading (+1.4 percent from Friday’s close). FOB Houston ethanol prices are quoted at 35.663 cents/liter (135.0 cents/gallon). FOB Santos, Brazil ethanol prices ended last week down 1.7 percent; prices are back up from Friday’s close and stand at 51.907 cents/liter (196.49 cents/gallon) through Tuesday’s trading.
The FOB Gulf-Santos, Brazil spread widened slightly from last week’s close through Tuesday’s trading and is currently at -16.244 cents/liter (-61.490 cents/gallon).
MTBE prices were down 4.7 percent to end last week and continue down through early week trading (-5.9 percent). MTBE’s premium to FOB Houston ethanol stood at 13.037 cents/liter ($49.35 cents/gallons), narrowing from last week’s figure.
BTX component prices were mostly down to end last week and continue down through Tuesday’s trading, with Benzene prices down 0.5 percent, Toluene prices down 0.5 percent and Xylene prices down 3.3 percent. The estimated weighted average aromatic price is currently 60.91 cents/liter (230.57 cents/gallon), down from last Friday’s close. The BTX-Houston ethanol spread narrowed further this week, with the weighted average BTX price now 25.248 cents/liter (95.57 cents/gallon) higher than FOB Houston ethanol prices.
Gasoline and petroleum products are up in early week trading in response to anticipated global supply cuts. RBOB futures are up 5.0 percent with 84 (Houston) and 87 (U.S. Gulf) octane gasoline prices both up. WTI futures are up 5.6 percent and Brent futures are up 5.3 percent from Friday’s close through Tuesday’s trading.
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