Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 2.2 percent higher and have reversed that trend in early week trading, rising 1.3 percent through Tuesday’s close. Midwest wholesale rack ethanol prices were higher to end last week and are up 1.0 percent through Tuesday’s market close to their last quote of 38.56 cents/liter (145.98 cents/gallon).
FOB Houston ethanol prices finished last week 1.4 percent higher, and prices are up 2.9 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 39.15 cents/liter (148.19 cents/gallon). FOB Santos, Brazil anhydrous ethanol prices were lower last week; they are down early this week, falling 1.3 percent to 55.37 cents/liter (209.59 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 -16.22 cents/liter (-61.40 cents/gallon).
MTBE prices fell 7 percent last week and have extended those losses in early week trading, down 1.5 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 13.44 cents/liter (50.86 cents/gallon).
BTX component prices were mixed last week and are mostly lower through Tuesday’s market close: Benzene is down 3.2 percent while Toluene is up 0.3 percent, and Xylene is down 0.3 percent. The estimated weighted average aromatic price is currently 64.42 cents/liter (243.86 cents/gallon), down from last Friday’s close. The BTX-Houston ethanol spread narrowed last week, and the weighted average BTX price is 25.27 cents/liter (95.67 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were lower last week and have continued that trend in early week trading. RBOB futures are down 4.0 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are down 3.4 and 3.2 percent, respectively. WTI futures are 3.8 percent lower at $49.61/barrel while Brent futures are down 5.1 percent to $53.75/barrel, from Friday close through Tuesday’s close.
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