Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week up significantly; they continue up this week, but momentum has slowed (+0.5 percent) in early week trading. Midwest wholesale rack ethanol prices were up 7.7 percent to end last week; they continue up this week and are at 42.79 cents/liter (161.98 cents/gallon) through Tuesday’s trading.
FOB Houston ethanol prices finished last week up 6.6 percent; prices are up 3.8 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 42.28 cents/liter (160.06 cents/gallon). FOB Santos, Brazil ethanol prices ended last week up slightly; they continue up 2.5 percent from Friday’s close and stand at 51.42 cents/liter (194.65 cents/gallon) through Tuesday’s trading.
The FOB Gulf-Santos, Brazil spread narrowed again from last week’s close through Tuesday’s trading and is currently at -9.13 cents/liter (-34.59 cents/gallon).
MTBE prices were down to end last week; they continue down 3.7 percent to start this week. MTBE’s premium to FOB Houston ethanol narrowed from last week and now stands at 6.33 cents/liter (23.97 cents/gallon).
BTX component prices were mixed to end last week but are down across the board through Tuesday’s trading: Benzene is down 0.8 percent; Toluene is down 4.2 percent and Xylene is down 3.6 percent. The estimated weighted average aromatic price is currently 64.03 cents/liter (242.39 cents/gallon), down 3.5 percent from last Friday’s close. The BTX-Houston ethanol spread narrowed from last week; the weighted average BTX price is now 21.74 cents/liter (82.32 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were down to end last week and are down across the board in early-week trading. Regarding RBOB futures, 84 (Houston) and 87 (U.S. Gulf) octane gasoline prices down 2.3 percent and 1.6 percent, respectively. WTI futures are down 0.7 percent to $53.12/barrel while Brent futures are down 0.5 percent to $61.73/barrel, from Friday’s close through Tuesday’s trading.
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