Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices were down to close last week but are up fractionally this week, with nearby CBOT ethanol futures up 0.3 percent from Friday while the broader energy complex is down. Midwest wholesale rack ethanol prices were down to end last week but stand unchanged from Friday at 41.46 cents/liter (156.96 cents/gallon).
FOB Houston ethanol prices finished last week 1.1 percent higher and are continuing the trend this week – up 0.6 percent through Tuesday. FOB Houston prices are quoted at 40.35 cents/liter (152.75 cents/gallon), a weekly increase of 0.24 cents/liter (0.91 cents/gallon).
FOB Santos, Brazil ethanol prices continue to fall, down 1.6 percent by Friday’s close. This week, prices are 0.3 percent lower at 48.104 cents/liter (182.095 cents/gallon). Seasonally, FOB Brazil ethanol prices rebound following the sugar cane harvest and heading into the June/July/August timeframe.
This week the FOB Gulf-Santos, Brazil ethanol price spread is -7.752 cents/liter (-29.345 cents/gallon).
MTBE prices were up to end last week but are down fractionally this week. MTBE FOB U.S. Gulf prices are 0.2 percent lower through Tuesday’s trading and are at a 21.695 cents/liter (82.13 cents/gallon) premium to FOB Houston ethanol.
BTX component prices are down. Benzene prices finished last week up but are down 0.3 percent so far this week. Toluene prices were up last week but are down 0.8 percent this week, while xylene prices are down fractionally. The estimated weighted average aromatic price is currently 71.98 cents/liter (272.48 cents/gallon), down 0.76 percent from Friday’s close. The weighted average BTX price is 31.628 cents/liter (119.73 cents/gallon) higher than FOB Houston ethanol prices.
Gasoline and petroleum products are down across the board in early week trading. RBOB futures are down 4.2 percent from Friday’s close; FOB Gulf/Houston prices for 84 octane RBOB and 87 octane CBOB are down as well. WTI crude oil futures are down 4.8 percent from Friday’s close with Brent futures following suit.
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