Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 1.6 percent lower and moved lower in early week trading to fall 1.7 percent through Tuesday’s close. Midwest wholesale rack ethanol prices were lower to end last week and were down 0.3 percent through Tuesday’s market close to their last quote of 70.19 cents/liter (265.7 cents/gallon).
FOB Houston ethanol prices finished last week 1.1 percent lower and are down 0.7 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 66.35 cents/liter (251.16 cents/gallon). FOB Santos, Brazil anhydrous ethanol prices were lower last week; they are up in early week trading, rising 10.8 percent to 62.58 cents/liter (236.9 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 3.77 cents/liter (14.26 cents/gallon).
MTBE prices rose 7.1 percent last week and extended those gains in early week trading, gaining 2.3 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 22.06 cents/liter (83.5 cents/gallon).
BTX component prices were sharply higher last week and continued that rally through Tuesday’s market close: Benzene was up 0.9 percent while Toluene was up 1.8 percent, and Xylene was up 3.9 percent. The estimated weighted average aromatic price is currently 111.09 cents/liter (420.51 cents/gallon), up from last Friday’s close. The BTX-Houston ethanol spread widened last week, and the weighted average BTX price is 44.74 cents/liter (169.35 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were lower last week and moved lower still in early week trade. RBOB futures are down 3.1 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are down 1.4 and 1.3 percent, respectively. WTI futures are 3.3 percent lower at $82.82/barrel while Brent futures are down 1.1 percent to $90.62/barrel, from Friday through Tuesday’s close.
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