Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week down 5.5 percent but are up 1.9 percent in early week trading. Midwest wholesale rack ethanol prices were down 3 percent to end last week and have moved 0.6 percent lower through Tuesday’s market close and were last quoted at 43.81 cents/liter (165.85 cents/gallon).
FOB Houston ethanol prices finished last week 0.8 percent lower; prices are down 1.6 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 41.46 cents/liter (156.94 cents/gallon). FOB Santos, Brazil ethanol prices ended last week up 1.6 percent; they are up slightly from Friday’s close at 54.1 cents/liter (204.79 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 -12.64 cents/liter (-47.85 cents/gallon).
MTBE prices were lower to end last week and have extended those losses 3.7 percent to start this week. MTBE’s premium to FOB Houston ethanol decreased from last week and stands at 9.61 cents/liter (36.36 cents/gallon).
BTX component prices were higher to end last week but have reversed that trend through Tuesday’s trading: Benzene is down 3.5 5.7 percent; Toluene is down 2.4 percent and Xylene is down 1.7 percent. The estimated weighted average aromatic price is currently 70.93 cents/liter (268.51 cents/gallon), down 2.1 percent from last Friday’s close. The BTX-Houston ethanol spread narrowed from last week, and the weighted average BTX price remains 27.472 cents/liter (111.56 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were sharply lower last week but are modestly higher in early-week trading. RBOB futures are up 0.9 percent to start the week after ending last week with 6.9 percent losses. 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are up 0.8 percent each after losing 10 percent during last week’s trading. WTI futures are up 2.3 percent to $57.05/barrel while Brent futures are up 2.6 percent to $64.10/barrel, from Friday’s close through Tuesday’s trading.
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