Saudi oil attack could spur further Brazilian ethanol demand domestically

In Brazil, Reuters reports that Petrobras is not yet clear how much of the oil price increase on international markets resulting from the attack on Saudi oil production over the weekend will be passed on to consumers. Any increase in price is likely to be good for ethanol demand. Sugar mills are already dedicating around three-quarters of sugarcane this season towards ethanol and sugar prices remain low and the ethanol market domestically continues to be strong.