Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week 1.9 percent higher and are sharply higher in early week trading, up 9.1 percent through Tuesday’s close. Midwest wholesale rack ethanol prices were higher to end last week and are up 2.6 percent through Tuesday’s market close to their last quote of 73.9 cents/liter (279.73 cents/gallon).
FOB Houston ethanol prices finished last week 5.6 percent higher and are up 1 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 69.44 cents/liter (262.86 cents/gallon). FOB Santos, Brazil anhydrous ethanol prices were higher last week; and are continuing that trend in early week trading, rising 4.5 percent to 78.56 cents/liter (297.375 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 -9.12 cents/liter (-34.51 cents/gallon).
MTBE prices rose 3.3 percent last week and are extending those gains in early week trading, up 1.6 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 -3.77 cents/liter (-14.27 cents/gallon).
BTX component prices were sharply higher last week but are mixed through Tuesday’s market close: Benzene is down 0.3 percent while Toluene is up 0.4 percent, and Xylene is up 1 percent. The estimated weighted average aromatic price is currently 80.84 cents/liter (306.02 cents/gallon), up from last Friday’s close. The BTX-Houston ethanol spread narrowed last week, and the weighted average BTX price is 11.4 cents/liter (43.16 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were mostly higher last week but are largely steady in early week trade. RBOB futures are up 0.2 percent to start the week while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are up 0.3 and down 0.4 percent, respectively. WTI futures steady with Friday’s close at $83.78/barrel while Brent futures are also steady with Friday’s close at $85.56/barrel.
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