27 April 2012 17:33 [Source: ICIS news]
HOUSTON (ICIS)--The US May methanol contract moved higher on Friday as Methanex raised its monthly posting to 138 cents/gal (€0.27/litre), the highest monthly price this year.
Southern Chemical (SCC) earlier this week posted 133 cents/gal for May, a repeat of its April posting.
Most market sources expected a rollover from both companies, based on no major supply disruptions. But spot prices have been rising over the past two weeks, with the most common explanation involving tensions over sanctions on Iran.
Methanol spot barge prices on Friday inched up to 119-121 cents/gal, with the higher price in a deal for delivery in Houston, according to market sources.
That moved the range 1 cent/gal higher on average than a week ago, when spot finished at 118.50-119.50 cents/gal.
($1 = €0.76)
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