Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 3.0 percent higher and are slightly firmer in early week trading. Midwest wholesale rack ethanol prices were higher to end last week and are up 0.9 percent through Tuesday’s market close to their last quote of 38.81 cents/liter (146.90 cents/gallon).
FOB Houston ethanol prices finished last week 0.7 percent lower, but prices are up 0.9 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 38.89 cents/liter (147.23 cents/gallon). FOB Santos, Brazil anhydrous ethanol prices were lower last week; they are down slightly early this week, falling 0.1 percent to 54.40 cents/liter (205.94 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 -15.51 cents/liter (-58.72 cents/gallon).
MTBE prices fell 1.6 percent last week and have extended those losses in early week trading, down 2.6 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 13.30 cents/liter (50.35 cents/gallon).
BTX component prices were mixed last week and are mostly firmer through Tuesday’s market close: Benzene is up 3.6 percent while Toluene is unchanged, and Xylene is up 0.2 percent. The estimated weighted average aromatic price is currently 64.62 cents/liter (244.60 cents/gallon), down from last Friday’s close. The BTX-Houston ethanol spread widened last week, and the weighted average BTX price is 25.72 cents/liter (97.38 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were higher last week and have continued that trend in early week trading. RBOB futures are up 2.8 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are up 2.4 and 2.6 percent, respectively. WTI futures are 1.4 percent higher at $52.77/barrel while Brent futures are up 2.2 percent to $58.57/barrel, from Friday close through Tuesday’s close.
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