17 October 2012 23:05 [Source: ICIS news]
HOUSTON (ICIS)--US methanol spot barge prices jumped more than 5 cents/gal on Wednesday, with most traders citing the supply situation in Trinidad as the most likely cause.
The bounce to 125 cents/gal gave spot methanol a rise of 11 cents/gal so far in October, with almost one-half of that move in one day. Earlier on Wednesday, traders confirmed deals done at 120 cents/gal, about where spot methanol closed last week.
“I assume it has to do with the curtailments and what’s going on in Trinidad,” a trader said. “I’m glad it’s going up, though.”
A second trader said he could not explain the move. “I’m just enjoying it while it lasts,” he said.
Earlier this month, state-owned utility National Gas Company (NGC) said the current natural gas cutback of 30% for October would be increased to 40% through 22-25 October.
($1 = €0.77)
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