Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 0.5 percent higher and extended those gains in early week trading to finish 1.4 percent higher through Tuesday’s close. Midwest wholesale rack ethanol prices were lower to end last week but were up 0.7 percent through Tuesday’s market close to their last quote of 57.61 cents/liter (218.07 cents/gallon).
FOB Houston ethanol prices finished last week 5.7 percent lower but are up 2.4 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 57.58 cents/liter (217.95 cents/gallon). FOB Santos, Brazil anhydrous ethanol prices were lower last week; they are up in early week trading, rising 0.4 percent to 72.05 cents/liter (272.725 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 -14.47 cents/liter (-54.78 cents/gallon).
MTBE prices rose 2.3 percent last week and have continued that trend in early week trading, up 3 percent from Friday’s close through Tuesday’s trading. MTBE’s premium to FOB Houston ethanol has increased from last week’s report and stands at 14.62 cents/liter (55.36 cents/gallon).
BTX component prices were mixed last week but were higher through Tuesday’s market close: Benzene was up 0.3 percent while Toluene was up 1.1 percent, and Xylene was up 1.1 percent. The estimated weighted average aromatic price is currently 84.77 cents/liter (320.9 cents/gallon), up from last Friday’s close. The BTX-Houston ethanol spread narrowed last week, and the weighted average BTX price is 27.2 cents/liter (102.95 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were higher last week and extended those gains in early week trade. RBOB futures are up 1.5 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are up 1.6 and up 0.7 percent, respectively. WTI futures are 1.6 percent higher at $88.2/barrel while Brent futures are up 0.9 percent to $89.33/barrel, from Friday through Tuesday’s close.
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