08 November 2010 22:17 [Source: ICIS news]
HOUSTON (ICIS)--The US methanol spot range readied for another jump on talk of plant shutdowns and a producer buying methanol, sources said on Monday.
The range for November spot prices remained unchanged at 112.50-114.00 cents/gal, but sources said recent trades pushed the December range up to 117-119 cents/gal on talk that plants in Venezuela and Oklahoma were going down.
Methanol spot prices have shot up more than 25% in the past two months, vexing producers as well as buyers.
A top executive at Methanex attributed the higher prices to declining production in China, while other sources have cited multiple plant turnarounds in North America and Asia.
A supplier said the latest surge in US prices came on talk that the 770,000 tonne/year Supermetanol plant at Jose, Venezuela had gone down, although it could not be confirmed.
The rumour mill also focused on the possible end of methanol sales from CF Industries' Woodward, Oklahoma, plant, but a company spokesman said no changes there had been announced.
The Woodward unit is a combination ammonia/methanol plant that produces 350 tonnes daily of methano.
($1 = €0.71)
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