Crude oil and refined product markets are in a free-fall as the end of the summer driving season is front and center and COVID-19 demand concerns have beaten the market lower over the past week. Futures prices have slumped to levels last seen before Memorial Day in May, and gasoline blendstock in some east of the Rockies markets are either below $2/gal or just barely above that mark. At the same time, ethanol values have not fallen as sharply and as a result are running roughly 20-60cts over gasoline depending on the spot market. The higher ethanol price would discourage further ethanol blending and could ultimately be supportive of RINs.
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