Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 0.3 percent lower but have reversed those losses in early week trading, up 0.6 percent through Tuesday’s close. Midwest wholesale rack ethanol prices were mostly steady to end last week and are up 2.9 percent through Tuesday’s market close to their last quote of 46.93 cents/liter (173.85 cents/gallon).
FOB Houston ethanol prices finished last week 2.2 percent lower, but prices are up 5.2 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 44.41 cents/liter (168.10 cents/gallon). FOB Santos, Brazil ethanol prices were steady last week; they are up slightly early this week, rising 0.7 percent to 56.06 cents/liter (212.0 cents/gallon) through Tuesday’s trading.
The FOB Gulf-Santos, Brazil ethanol spread narrowed from last week’s close through Tuesday’s trading and is currently at -11.65 cents/liter (-44.10 cents/gallon).
MTBE prices rose 1.3 percent last week and are higher in early week trading, up 2.5 percent from Friday’s close through Tuesday’s trading. MTBE’s premium to FOB Houston ethanol has decreased from last week and stands at 17.89 cents/liter (67.73 cents/gallon).
BTX component prices were higher last week and have continued that trend through Tuesday’s market close: Benzene is up 0.1 percent while Toluene is up 0.4, and Xylene is up 0.1 percent. The estimated weighted average aromatic price is currently 64.19 cents/liter (243.00 cents/gallon), up from last Friday’s close. The BTX-Houston ethanol spread narrowed last week, and the weighted average BTX price is 19.79 cents/liter (74.90 cents/gallon) higher 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 1.8 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are up 1.4 and 0.9 percent, respectively. WTI futures are up 1.1 percent to $58.41/barrel while Brent futures are up 1.1 percent to $64.08/barrel, from Friday close through Tuesday’s close.
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