Ethanol, Fuels and Co-Product Pricing
Market Outlook: U.S. ethanol prices ended last week down 3.2 percent and are down an additional 1.5 percent in early week trading. Midwest wholesale rack ethanol prices were up 0.4 percent to end last week but have moved 1.3 percent lower through Tuesday’s market close and were last quoted at 44.58 cents/liter (167.77 cents/gallon).
FOB Houston ethanol prices finished last week slightly lower; prices are down 4.6 percent through Tuesday’s trading from Friday’s close. FOB Houston ethanol prices are quoted at 42.198 cents/liter (159.738 cents/gallon). FOB Santos, Brazil ethanol prices ended last week up 1.0 percent; they are up slightly from Friday’s close at 51.976 cents/liter (196.75 cents/gallon) through Tuesday’s trading.
The FOB Gulf-Santos, Brazil spread widened from last week’s close through Tuesday’s trading and is currently at -9.778 cents/liter (-37.013 cents/gallon).
MTBE prices were higher to end last week and have extended those gains 3.8 percent to start this week. MTBE’s premium to FOB Houston ethanol increased from last week and stands at 9.283 cents/liter (35.14 cents/gallon).
BTX component prices were mostly higher to end last week and continued that trend through Tuesday’s trading: Benzene is down 9.4 percent; Toluene is up 4.4 percent and Xylene is up 5.2 percent. The estimated weighted average aromatic price is currently 69.52 cents/liter (263.15 cents/gallon), up 2.8 percent from last Friday’s close. The BTX-Houston ethanol spread widened from last week, and the weighted average BTX price remains 27.319 cents/liter (103.42 cents/gallon) higher than the FOB Houston ethanol price.
Gasoline and petroleum products were higher across the board to end last week but are mostly lower in early-week trading. RBOB futures are down 0.9 percent to start the week, while 84 octane RBOB (Houston) and 87 octane CBOB (U.S. Gulf) gasoline prices are down 1.3 percent and up 2.1 percent, respectively. WTI futures are down 3.3 percent to $56.57/barrel while Brent futures are down 3.6 percent to $62.40/barrel, from Friday’s close through Tuesday’s trading.
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