Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week up 9.3 percent; they have fallen back 1.2 percent in early week trading. Midwest wholesale rack ethanol prices were up 2.0 percent to end last week; they continue up this week to 45.05 cents/liter (170.53 cents/gallon) through Tuesday’s trading.
FOB Houston ethanol prices finished last week up slightly; prices are up 6.4 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 44.95 cents/liter (170.15 cents/gallon). FOB Santos, Brazil ethanol prices ended last week up 0.5 percent; they are down fractionally from Friday’s close and stand at 51.23 cents/liter (193.92 cents/gallon) through Tuesday’s trading.
The FOB Gulf-Santos, Brazil spread narrowed from last week’s close through Tuesday’s trading and is currently at -6.27 cents/liter (-23.76 cents/gallon).
MTBE prices were down to end last week; they continue down 1.0 percent to start this week. MTBE’s premium to FOB Houston ethanol narrowed from last week and stands at 2.17 cents/liter (8.23 cents/gallon).
BTX component prices were mixed to end last week and continue mixed through Tuesday’s trading: Benzene is up 5.9 percent; Toluene is up 1.3 percent and Xylene is down slightly. The estimated weighted average aromatic price is currently 66.17 cents/liter (250.49 cents/gallon), up 1.0 percent from last Friday’s close. The BTX-Houston ethanol spread narrowed from last week, but the weighted average BTX price remains 21.22 cents/liter (80.33 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were down across the board to end last week and continue mostly down in early-week trading. Regarding RBOB futures, 84 (Houston) and 87 (U.S. Gulf) octane gasoline prices are down 0.5 percent and 0.6 percent, respectively. WTI futures are up 2.2 percent to $53.72/barrel while Brent futures are down 0.5 percent to $61.71/barrel, from Friday’s close through Tuesday’s trading.
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