Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week up 4.8 percent but are down 4.6 percent in early week trading. Midwest wholesale rack ethanol prices were up 0.1 percent to end last week and have moved 1.1 percent higher through Tuesday’s market close and were last quoted at 45.30 cents/liter (171.49 cents/gallon).
FOB Houston ethanol prices finished last week 0.4 percent lower; prices are up 0.1 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 42.519 cents/liter (160.95 cents/gallon). FOB Santos, Brazil ethanol prices ended last week up 1.5 percent; they are up slightly from Friday’s close at 53.57 cents/liter (202.795 cents/gallon) through Tuesday’s trading.
The FOB Gulf-Santos, Brazil spread widened from last week’s close through Tuesday’s trading and is currently at -11.054 cents/liter (-41.845 cents/gallon).
MTBE prices were higher to end last week and have extended those gains 1.5 percent to start this week. MTBE’s premium to FOB Houston ethanol increased from last week and stands at 11.433 cents/liter (43.28 cents/gallon).
BTX component prices were higher to end last week but have continued that trend through Tuesday’s trading: Benzene is up 5.7 percent; Toluene is up 1.5 percent and Xylene is up 2.3 percent. The estimated weighted average aromatic price is currently 72.65 cents/liter (275.01 cents/gallon), up 2.5 percent from last Friday’s close. The BTX-Houston ethanol spread widened from last week, and the weighted average BTX price remains 30.13 cents/liter (114.06 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were higher last week but are sharply lower 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 6.0 percent and down 6.7 percent, respectively. WTI futures are down 4.3 percent to $57.64/barrel while Brent futures are down 3.3 percent to $64.53/barrel, from Friday’s close through Tuesday’s trading.
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