Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices were up fractionally to end last week and are up to start this week. Nearby CBOT ethanol futures are up 1.4 percent from Friday, as corn has gained as well. Midwest wholesale rack ethanol prices were mostly unchanged to end last week and are up fractionally from Friday at 41.69 cents/liter (157.83 cents/gallon).
FOB Houston ethanol prices finished last week 1.6 percent higher and are continuing the trend this week – up 1.1 percent through Tuesday. FOB Houston prices are quoted at 41.539 cents/liter (157.244 cents/gallon), a weekly increase of 0.465 cents/liter (1.76 cents/gallon).
FOB Santos, Brazil ethanol prices ended last week strong – up 3.4 percent – though prices have evened out and are up only 0.4 percent to start this week at 50.932 cents/liter (192.80 cents/gallon).
After a significant increase in the FOB Gulf-Santos, Brazil spread last week (12.2 percent) the spread fell back slightly this week to -9.393 cents/liter (-35.556 cents/gallon).
MTBE prices were up to end last week but are down this week, with MTBE FOB U.S. Gulf prices 2.4 percent lower through Tuesday’s trading and now at a 21.309 cents/liter (80.66 cents/gallon) premium to FOB Houston ethanol.
BTX component prices were steady to down to end last week but have rebounded this week. Benzene prices are up 1.0 percent, Toluene prices are up 2.6 percent and xylene prices are up 3.7 percent through Tuesday’s trading. The estimated weighted average aromatic price is currently 71.59 cents/liter (271.00 cents/gallon), up 3.0 percent from Friday’s close. The weighted average BTX price is now 30.052 cents/liter (113.76 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 2.7 percent from Friday’s close; FOB Gulf/Houston prices for 84 octane RBOB and 87 octane CBOB are down as well. WTI and Brent crude oil futures ended last week up fractionally but are down to start this week on oversupply concerns.
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