28 June 2011 16:53 [Source: ICIS news]
HOUSTON (ICIS)--The US July methanol contract rolled over on Tuesday for the sixth consecutive month as Southern Chemical nominated 126 cents/gal (€0.24/litre).
The monthly methanol contract in February dropped to 126-128 cents/gal, where it has remained since. Methanol prices tend to track crude values in the long term.
When the methanol contract last changed, oil prices were around $85.65/bbl. In mid-morning trading on Tuesday, NYMEX front-month crude futures reached $91.53 –about 7% higher than in February.
($1 = €0.70)
For more on methanol, visit ICIS chemical intelligence
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