A method of catalytically preparing a fluid product from solid carbonaceous material is described. In the method, at least one of the following equilibria is established by one or more catalysts: a) CH3OH=CO+2H2, b) CO+H2O=CO2+H2. In some versions, the solid carbonaceous material is woody biomass. Components of the fluid product can include one or a combination of C5-C9 alcohols. In certain versions, the method can be practiced with substantially all of the carbon in the carbonaceous material being converted to the fluid product. Also, in some versions, the fluid product can be prepared with substantially no char formation. The fluid product of various versions can be used directly as fuel or as a reagent for preparing commodity chemicals without the need for separating the fluid product components.