Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 2 percent lower and have continued that trend in early week trading, down 2 percent through Tuesday’s close. Midwest wholesale rack ethanol prices were lower to end last week and were down 0.2 percent through Tuesday’s market close to their last quote of 68.62 cents/liter (259.76 cents/gallon).
FOB Houston ethanol prices finished last week 1.6 percent lower and are steady through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 68.08 cents/liter (257.71 cents/gallon). FOB Santos, Brazil anhydrous ethanol prices were higher last week; they are up in early week trading, rising 1.8 percent to 71.69 cents/liter (271.375 cents/gallon) through Tuesday’s trading.
The FOB Gulf-Santos, Brazil ethanol spread has widened from last week’s close through Tuesday’s trading and is currently at -3.61 cents/liter (-13.66 cents/gallon).
MTBE prices rose 14.4 percent last week but have given back some of those gains in early week trading, down 4.7 percent from Friday’s close through Tuesday’s trading. MTBE’s premium to FOB Houston ethanol has decreased from last week’s report and stands at 25.58 cents/liter (96.83 cents/gallon).
BTX component prices were sharply higher last week but are mixed through Tuesday’s market close: Benzene was down 2.1 percent while Toluene was up 4.7 percent, and Xylene was up 4.1 percent. The estimated weighted average aromatic price is currently 111.69 cents/liter (422.81 cents/gallon), up from last Friday’s close. The BTX-Houston ethanol spread widened last week, and the weighted average BTX price is 43.61 cents/liter (165.1 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were lower last week and have extended those losses in early week trade. RBOB futures are down 9.9 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are down 9.7 and 9.2 percent, respectively. WTI futures are 11.8 percent lower at $96.44/barrel while Brent futures are down 11.4 percent to $99.84/barrel, from Friday through Tuesday’s close.
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