Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices were up to close last week but are down to open this week. Nearby CBOT ethanol futures are down 1.3 percent from Friday despite support from the broader energy complex. Midwest wholesale rack ethanol prices are down 0.3 percent from Friday, at 41.55 cents/liter (157.28 cents/gallon).
FOB Houston ethanol prices finished last week 0.7 percent higher and are continuing the trend this week – up 1.3 percent through Tuesday. FOB Houston prices are quoted at 40.197 cents/liter (152.163 cents/gallon), a weekly increase of 0.516 cents/liter (1.95 cents/gallon).
FOB Santos, Brazil ethanol prices continue to fall, down 3.9 percent by Friday’s close. This week, prices are 0.6 percent lower at 48.713 cents/liter (184.00 cents/gallon). Seasonally, FOB Brazil ethanol prices rebound following the sugar cane harvest and heading into June/July/August.
This week the FOB Gulf-Santos, Brazil ethanol price spread is -8.516 cents/liter (-32.238 cents/gallon).
MTBE prices were up slightly last week, and the trend continues this week. MTBE FOB U.S. Gulf prices are 1.1 percent higher through Tuesday’s trading and are at a 21.92 cents/liter (82.98 cents/gallon) premium to FOB Houston ethanol.
BTX component prices are up to start the week. Benzene prices finished last week down but have rebounded and are up 1.3 percent so far this week. Toluene prices fell last week but are up 0.5 percent this week, while xylene prices are up 1.1 percent this week, continuing last week’s trend. The estimated weighted average aromatic price is currently 71.86 cents/liter (272.01 cents/gallon), up 0.9 percent from Friday’s close. The weighted average BTX price is 31.661 cents/liter (119.85 cents/gallon) higher than FOB Houston ethanol prices.
Gasoline and petroleum products are up in early week trading, following last week’s price gains, with WTI futures the exception (down 0.7 percent from last week). RBOB futures are up 1.0 percent from Friday’s close; FOB Gulf/Houston prices for 84 octane RBOB and 87 octane CBOB are both up from Friday as well. WTI crude oil futures are down from Friday’s close while Brent futures are up fractionally.
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