08 August 2012 17:17 [Source: ICIS news]
LONDON (ICIS)--European T2 fuel ethanol prices are at their highest levels since records began in December 2005, according to ICIS data on Wednesday.
European T2 fuel ethanol prices are assessed at €730-740/cubic metre ($901-914/cbm) FOB (free on board) ?xml:namespace>
Ethanol can be made from agricultural products such as sugar, corn and wheat.
The drought across the
Prices were further supported by tight supply caused by low operating rates and a decrease in imports.
However, according to sources, T2 fuel ethanol prices are backwardated, with September values quoted at €708-725/cbm FOB
It is thought the backwardation is because the new wheat crop is likely to enter the market in September, relieving pressure on feedstock prices, and expectations that supply will improve.
($1 = €0.81)
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