Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 1.5 percent lower and are extending those losses in early week trading, down 13.8 percent through Tuesday’s close. Midwest wholesale rack ethanol prices were lower to end last week and are down 3.5 percent through Tuesday’s market close to their last quote of 34.72 cents/liter (131.43 cents/gallon).
FOB Houston ethanol prices finished last week 3.9 percent lower and are down 13.1 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 30.51 cents/liter (115.48 cents/gallon). FOB Santos, Brazil anhydrous ethanol prices were lower last week; they are down in early week trading, falling 9.8 percent to 44.4 cents/liter (168.09 cents/gallon) through Tuesday’s trading.
The FOB Gulf-Santos, Brazil ethanol spread has narrowed from last week’s close through Tuesday’s trading and is currently at -13.9 cents/liter (-52.62 cents/gallon).
MTBE prices fell 13.8 percent last week and have posted further losses in early week trading, down 21.6 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 1.36 cents/liter (5.15 cents/gallon).
BTX component prices were sharply lower last week and are continuing that trend through Tuesday’s market close: Benzene is down 8.9 percent while Toluene is down 20.7 percent, and Xylene is down 20.2 percent. The estimated weighted average aromatic price is currently 43.92 cents/liter (166.27 cents/gallon), down from last Friday’s close. The BTX-Houston ethanol spread narrowed last week, and the weighted average BTX price is 13.42 cents/liter (50.79 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were lower last week and are continuing that trend in early week trading. RBOB futures are down 19.6 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are down 26.1 and 27.6 percent, respectively. WTI futures are 14.7 percent lower at $27.05/barrel while Brent futures are down 18.4 percent to $28.91/barrel, from Friday close through Tuesday’s close.
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