Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 1.1 percent higher but are reversing those gains in early week trading, down 1.6 percent through Tuesday’s close. Midwest wholesale rack ethanol prices were lower to end last week but are up 0.7 percent through Tuesday’s market close to their last quote of 51.28 cents/liter (194.11 cents/gallon).
FOB Houston ethanol prices finished last week 0.3 percent higher and are up 0.4 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 51.92 cents/liter (196.53 cents/gallon). FOB Santos, Brazil anhydrous ethanol prices were lower last week; they are down in early week trading, falling 6.2 percent to 51.11 cents/liter (193.46 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 0.81 cents/liter (3.07 cents/gallon).
MTBE prices fell 6.7 percent last week but are firmer in early week trading, up 0.9 percent from Friday’s close through Tuesday’s trading. MTBE’s premium to FOB Houston ethanol has increased from last week’s report and stands at 2.74 cents/liter (10.37 cents/gallon).
BTX component prices were mixed last week but have turned higher through Tuesday’s market close: Benzene is up 3.3 percent while Toluene is up 4.3 percent, and Xylene is up 2 percent. The estimated weighted average aromatic price is currently 67.28 cents/liter (254.67 cents/gallon), up from last Friday’s close. The BTX-Houston ethanol spread widened last week, and the weighted average BTX price is 15.36 cents/liter (58.15 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were mostly higher last week and are extending those gains in early week trading. RBOB futures are up 1.1 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are up 1.3 and up 1.9 percent, respectively. WTI futures are 1.1 percent lower at $60.3/barrel while Brent futures are down 0.4 percent to $64.17/barrel, from Friday through Tuesday’s close.
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