Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week up 2.8 percent but have fallen through Tuesday’s trading with nearby CBOT ethanol futures down 3.2 percent from Friday’s close. Midwest wholesale rack ethanol prices were mostly unchanged to end last week; they remain essentially unchanged this week with prices at 37.02 cents/liter (140.15 cents/gallon) through Tuesday’s trading.
FOB Houston ethanol prices finished last week down 1.1 percent; prices continue down through Tuesday’s trading (-0.8 percent from Friday’s close). FOB Houston ethanol prices are quoted at 35.520 cents/liter (134.456 cents/gallon). FOB Santos, Brazil ethanol prices ended last week down 0.7 percent; prices have continued down from Friday’s close and stand at 51.436 cents/liter (194.705 cents/gallon) through Tuesday’s trading.
The FOB Gulf-Santos, Brazil spread narrowed from last week’s close through Tuesday’s trading and is currently at -15.916 cents/liter (-60.249 cents/gallon).
MTBE prices were down 1.4 percent to end last week and continue down through early week trading (-1.8 percent). MTBE’s premium to FOB Houston ethanol stood at 17.834 cents/liter ($67.51 cents/gallons), narrowing from last week’s figure.
BTX component prices were down across the board to end last week and continue mostly down through Tuesday’s trading, with Benzene prices down 1.5 percent, Toluene prices down 2.8 percent and Xylene prices up 1 percent. The estimated weighted average aromatic price is currently 62.51 cents/liter (236.63 cents/gallon), down slightly from Friday’s close. The BTX-Houston ethanol spread narrowed further this week, with the weighted average BTX price now 26.991 cents/liter (102.17 cents/gallon) higher than FOB Houston ethanol prices.
Gasoline and petroleum products are mixed in early week trading after last week ended with significant price decreases. RBOB futures are up 1.4 percent while 84 (Houston) and 87 (U.S. Gulf) octane gasoline prices are down. WTI futures are up 1.2 percent and Brent futures are up 1.1 percent from Friday’s close through Tuesday’s trading.
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