14 August 2007 21:22 [Source: ICIS news]
HOUSTON (ICIS news)--US Gulf coast spot prices for August and September barge methanol have risen by about 5 cents/gal, or 7%, from the end of last week, traders said on Tuesday.
Prices on Tuesday were assessed at 82-84 cents/gal ($273-279/tonne) FOB (free on board), up from 78-79 cents/gal FOB on Friday, according to global chemical market intelligence service ICIS pricing.
Two August barge deals were reported at 82 cents/gal FOB (free on board) this week, but business at higher levels was not yet confirmed.
A solid explanation for the higher prices was lacking, however, as market participants could not point to any unexpected production problems affecting US Gulf supplies.
One observer noted that the spot market remained thinly traded, and it was possible that one or two players were causing prices to rise as they covered short positions.
Traders usually have covered their monthly spot requirements by this time of the month, sources said.
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