05 August 2011 18:53 [Source: ICIS news]
Methanol and ammonia producers said the state-owned National Gas Co (NGC) of Trinidad and Tobago told companies the gas supply would be curtailed by 20-30% beginning on 1 August for an unknown duration.
Spot methanol prices have been climbing over the past week, rising as high as 127 cents/gal before falling back to a range of 123-124 cents/gal on Friday, sources said. Spot prices closed last week at 118-120 cents/gal.
Some of that jump came in response to last week’s 10-11 cents/gal increase in the August contract. But sources said the latest curtailment in Trinidad also has been a contributing factor, signalling more supply tightening.
NGC could not be reached immediately for comment on the curtailment.
The latest cutback comes less than three months after the company restored gas to the Point Lisas Industrial Estate, the complex of methanol, ammonia and other chemical producers in Trinidad. Norway-based Yara, which operates three ammonia plants there, said earlier this week it had been notified by NGC of the cutback.
Additional reporting by Frank Zaworski
($1 = €0.71)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections