Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices were down 4.3 percent to end last week and continue that trend through Tuesday’s trading with nearby CBOT ethanol futures down 2.4 percent from Friday’s close. Midwest wholesale rack ethanol prices were mostly unchanged to end last week; they are down this week with prices at 36.87 cents/liter (139.58 cents/gallon) through Tuesday’s trading (-0.8 percent from Friday’s close).
FOB Houston ethanol prices finished last week up 1.0 percent; prices have fallen back through Tuesday’s trading (-2.0 percent from Friday’s close). FOB Houston ethanol prices are quoted at 36.203 cents/liter (137.044 cents/gallon). FOB Santos, Brazil ethanol prices ended last week down 2.6 percent; prices have continued down from Friday’s close and stand at 52.447 cents/liter (198.535 cents/gallon) through Tuesday’s trading.
The FOB Gulf-Santos, Brazil spread narrowed slightly from last week’s close through Tuesday’s trading and is currently at -16.244 cents/liter (-61.491 cents/gallon).
MTBE prices were down 1.9 percent to end last week and continue down through early week trading (-5.6 percent). MTBE’s premium to FOB Houston ethanol stood at 20.142 cents/liter ($76.25 cents/gallons), narrowing from last week’s figure.
BTX component prices were down across the board to end last week and continue down through Tuesday’s trading, with Benzene prices down 9.2 percent and Toluene and Xylene prices down 5.5 percent and 3.8 percent, respectively. The estimated weighted average aromatic price is currently 65.94 cents/liter (249.61 cents/gallon), down again from Friday’s close. The BTX-Houston ethanol spread narrowed further this week, with the weighted average BTX price now 29.737 cents/liter (112.57 cents/gallon) higher than FOB Houston ethanol prices.
Gasoline and petroleum products are down in early week trading as larger macroeconomic trends and ample supplies continue to influence liquid fuel markets. Gasoline prices (-4.4 percent) and both WTI futures (-6.4 percent) and Brent crude oil futures (-5.5 percent) are down from Friday’s close through Tuesday’s trading.
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