29 May 2012 17:25 [Source: ICIS news]
HOUSTON (ICIS)--US June methanol contracts rolled over on Tuesday as Southern Chemical Corp (SCC) kept its monthly posting at 133 cents/gal (€.26 litre), the same as its May posting.
Methanex late last week issued 138 cents/gal for June, also the same as its May posting. Spot prices have turned down in the past week, currently at 116-117 cents/gal.
An analyst at Raymond James in Vancouver, Steve Hansen, issued a report calling the latest spot move a “slight reprieve” stemming from global economic concerns and a downdraft in oil prices.
Methanol tends to track crude over the long haul. In May, oil prices have slumped about 13%, with NYMEX front-month crude futures today trading around $91.85/bbl, compared with nearly $105/bbl in late April.
But Hansen said sanctions against Iranian methanol should keep methanol prices “elevated and volatile in the coming months”.
($1 = €0.80)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections