Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week down 0.3 percent and continue down (-0.3 percent) in early week trading. Midwest wholesale rack ethanol prices were down 0.3 percent to end last week; they continue down slightly this week at 38.57 cents/liter (145.99 cents/gallon) through Tuesday’s trading.
FOB Houston ethanol prices finished last week down 0.7 percent; prices are down 0.8 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 37.58 cents/liter (142.28 cents/gallon). FOB Santos, Brazil ethanol prices ended last week down 5.3 percent; they are up 2.0 percent from Friday’s close and stand at 52.26 cents/liter (197.85 cents/gallon) through Tuesday’s trading.
The FOB Gulf-Santos, Brazil spread widened from last week’s close through Tuesday’s trading and is currently at -14.67 cents/liter (-55.56 cents/gallon).
MTBE prices were down to end last week; they continue down (-3.0 percent) to start this week. MTBE’s premium to FOB Houston ethanol narrowed from last week and now stands at 15.95 cents/liter (60.38 cents/gallon).
BTX component prices were mixed across the board to end last week and are mostly down through Tuesday’s trading: while Benzene is up fractionally, Toluene is down 1.6 percent and Xylene is down 1.3 percent. The estimated weighted average aromatic price is currently 71.27 cents/liter (269.80 cents/gallon), down 1.2 percent from last Friday’s close. The BTX-Houston ethanol spread narrowed from last week; the weighted average BTX price is now 33.68 cents/liter (127.51 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were down to end last week and continue down through early-week trading. In terms of RBOB futures, 84 (Houston) and 87 (U.S. Gulf) octane gasoline prices are down 5.0 percent and 3.0 percent, respectively. WTI futures are down 0.6 percent to $61.56/barrel and Brent futures are down 1.4 percent to $69.88/barrel, from Friday’s close through Tuesday’s trading.
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