Crude Oil was down over $4 today... Rbob lost almost $0.12 per gallon.. and yet ethanol was about flat.

With cheaper gasoline.. usage should climb.. resulting in increased usage of ethanol.

Big Oil has been successful in decoupling ethanol on an energy basis.. it now basically sells as an octane.

In short.. ethanol did not participate in the Big run up.. (it actually declined) so we'll soon see if what I've posted is true.. but in today's fuels market.. it makes sense.

As I noted in this weeks ethanol update.. usage has exceeded production for the year.