Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 5.1 percent higher and are extending those gains in early week trading, up 5.2 percent through Tuesday’s close. Midwest wholesale rack ethanol prices were higher to end last week and are up 0.6 percent through Tuesday’s market close to their last quote of 31.58 cents/liter (119.53 cents/gallon).
FOB Houston ethanol prices finished last week 3.6 percent higher and are up 6.7 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 28.87 cents/liter (109.29 cents/gallon). FOB Santos, Brazil anhydrous ethanol prices were lower last week; they are up in early week trading, rising 0.2 percent to 33.54 cents/liter (126.98 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 -4.67 cents/liter (-17.69 cents/gallon).
MTBE prices rose 6.4 percent last week and have extended those gains in early week trading, up 3.5 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 -11.66 cents/liter (-44.13 cents/gallon).
BTX component prices were mixed last week but are mostly higher through Tuesday’s market close: Benzene is up 8 percent while Toluene is up 6.6 percent, and Xylene is up 3.9 percent. The estimated weighted average aromatic price is currently 27.55 cents/liter (104.31 cents/gallon), up from last Friday’s close. The BTX-Houston ethanol spread narrowed last week, and the weighted average BTX price is -1.32 cents/liter (-4.98 cents/gallon) lower than the FOB Houston ethanol price.
Gasoline and petroleum products were higher last week and have continued that trend in early week trading. RBOB futures are up 21.3 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are up 20.7 and up 24.4 percent, respectively. WTI futures are 30.2 percent higher at $25.76/barrel while Brent futures are up 17.1 percent to $30.97/barrel, from Friday through Tuesday’s close.
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