Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 4.5 percent lower but are reversing that trend in early week trading, up 0.4 percent through Tuesday’s close. Midwest wholesale rack ethanol prices were lower to end last week and are down 0.4 percent through Tuesday’s market close to their last quote of 39.63 cents/liter (150.03 cents/gallon).
FOB Houston ethanol prices finished last week 8 percent lower and are down 0.5 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 38.17 cents/liter (144.48 cents/gallon). FOB Santos, Brazil anhydrous ethanol prices were higher last week; they are down in early week trading, falling 0.4 percent to 48.02 cents/liter (181.765 cents/gallon) through Tuesday’s trading.
The FOB Gulf-Santos, Brazil ethanol spread has widened from last week’s close through Tuesday’s trading and is currently at -9.85 cents/liter (-37.28 cents/gallon).
MTBE prices rose 0.7 percent last week and are extending those gains in early week trading, up 2.5 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 -4.96 cents/liter (-18.76 cents/gallon).
BTX component prices were sharply higher last week and are mostly continuing that trend through Tuesday’s market close: Benzene is up 1.3 percent while Toluene is up 2 percent, and Xylene is up 0.5 percent. The estimated weighted average aromatic price is currently 43.73 cents/liter (165.54 cents/gallon), up from last Friday’s close. The BTX-Houston ethanol spread widened last week, and the weighted average BTX price is 5.56 cents/liter (21.06 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were higher last week and are extending that trend in early week trading. RBOB futures are up 7.1 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are up 2.5 and up 2.5 percent, respectively. WTI futures are 5.7 percent higher at $44.84/barrel while Brent futures are up 6.5 percent to $47.86/barrel, from Friday through Tuesday’s close.
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