U.S. ethanol markets experienced a sharp upward movement in the February 20–24 week, due to strong futures, higher spot values at strategic coastal port sites, and a recovery in U.S. gasoline demand.
Increased output, higher implied gasoline consumption, and modest regional stock tightening added to price volatility on major indexes.
According to data shared by US Grains and BioEnergy Council, CME futures made significant advances from February 20 to 24:
CME Ethanol Futures (USD per Gallon)
| 20 February 2026: | 24 Feb 2026: |
| Feb 1.6675 | Feb 1.68 |
| Mar 1.725 | Mar 1.79 |
| Apr 1.745 | Apr 1.81 |
| May 1.7575 | May 1.815 |
| Jun 1.7625 | Jun 1.8125 |
| Jul 1.76 | Jul 1.80
|
The largest rises occurred in contracts beyond March, with April futures gaining an additional 3.7% week-to-date and May futures 3.2%, indicating expectation for tighter supply or improved domestic demand moving into late-spring trading practices.
Spot FOB prices continued a strong trajectory for the U.S., while Brazil’s hydrous and anhydrous ethanol weakened slightly:
Spot Ethanol Prices (USD/litre):
US Gulf: 0.481, up 3.7%. PNW: 0.534, up 3.6%.
Brazil Anhydrous: 0.639, down 0.3%.
Brazil Hydrous: 0.617, down 0.9%.
Export-oriented industrial ethanol prices (indicative) witnessed an increase in both FOB and CNF shipments to India, except for Brazil:
FOB Prices (USD/MT):
US Gulf: 615.26, up 3.7%.
PNW: 682.43, up 3.6%.
CNF India Prices (USD/MT).
US Gulf – India: 714.28 (INR 51–52/litre), up 3.1%.
PNW – India: 791.46 (INR 56–57/litre), up 3.1%.
Brazil – India: 841.09 (INR 60–61/litre), down 0.5%.
According to the U.S. Energy Information Administration (EIA) for the week ending 13 February 2026:
- Ethanol output rose 0.7% to 1.12 million b/d
- Equivalent to 46.96 million gallons/day (177.5 million litres/day)
- Production was 3.1% higher year-on-year
- Still 4.9% above the three-year average
- Despite the increase, stocks remained 2.4% lower year-on-year
