Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 6.7 percent higher but pulled back in early week trading and fell 2.3 percent through Tuesday’s close. Midwest wholesale rack ethanol prices were higher to end last week but were down 0.9 percent through Tuesday’s market close to their last quote of 72.47 cents/liter (274.31 cents/gallon).
FOB Houston ethanol prices finished last week 2.4 percent higher and are up 0.2 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 68.5 cents/liter (259.29 cents/gallon). FOB Santos, Brazil anhydrous ethanol prices were higher last week; they are up in early week trading, rising 0.2 percent to 62.75 cents/liter (237.55 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 5.74 cents/liter (21.74 cents/gallon).
MTBE prices rose 3.4 percent last week and extended those gains in early week trading, gaining 0.7 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 21.49 cents/liter (81.34 cents/gallon).
BTX component prices were sharply higher last week and continued that rally through Tuesday’s market close: Benzene was up 1.3 percent while Toluene was up 0.8 percent, and Xylene was up 1.2 percent. The estimated weighted average aromatic price is currently 113.41 cents/liter (429.31 cents/gallon), up from last Friday’s close. The BTX-Houston ethanol spread widened last week, and the weighted average BTX price is 44.92 cents/liter (170.03 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were mostly lower last week but reversed that trend in early week trade. RBOB futures are up 8.4 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are up 3.3 and up 2.4 percent, respectively. WTI futures are 0.1 percent lower at $84.98/barrel while Brent futures are up 0 percent to $93.52/barrel, from Friday through Tuesday’s close.
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