Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 5.8 percent higher but are steady through Tuesday’s close. Midwest wholesale rack ethanol prices were lower to end last week but are up 3.4 percent through Tuesday’s market close to their last quote of 70.22 cents/liter (265.8 cents/gallon).
FOB Houston ethanol prices finished last week 4.2 percent higher and are up 5.6 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 68.76 cents/liter (260.29 cents/gallon). FOB Santos, Brazil anhydrous ethanol prices were higher last week; they are up in early week trading, rising 0.6 percent to 74.75 cents/liter (282.97 cents/gallon) through Tuesday’s trading.
The FOB Gulf-Santos, Brazil ethanol spread has narrowed from last week’s close through Tuesday’s trading and is currently at -5.99 cents/liter (-22.68 cents/gallon).
MTBE prices rose 2.9 percent last week and are extending those gains in early week trading, up 2.4 percent from Friday’s close through Tuesday’s trading. MTBE’s premium to FOB Houston ethanol has decreased from last week’s report and stands at -4.62 cents/liter (-17.5 cents/gallon).
BTX component prices were sharply higher last week and are continuing that trend through Tuesday’s market close: Benzene is up 4.1 percent while Toluene is up 2.8 percent, and Xylene is up 3.9 percent. The estimated weighted average aromatic price is currently 79.74 cents/liter (301.83 cents/gallon), up from last Friday’s close. The BTX-Houston ethanol spread narrowed last week, and the weighted average BTX price is 10.97 cents/liter (41.54 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were higher last week but are steady or slightly lower in early week trade. RBOB futures are down 0.4 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are down 0.9 and 0.1 percent, respectively. WTI futures are 0.2 percent higher at $82.44/barrel while Brent futures are up 0.3 percent to $85.12/barrel, from Friday through Tuesday’s close.
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