Methanex raises US November methanol contract by 15 cents/gal

25 October 2013 18:21  [Source: ICIS news]

HOUSTON (ICIS)--Methanex on Friday raised its US November methanol posting by 15 cents/gal to 180 cents/gal (€0.34/litre), setting up the largest monthly increase for that contract in three years.

Methanex’s move confirmed expectations of buyers and traders who expected a large jump in November based on a big bounce in spot prices over the past few days. US spot barge prices have jumped 9 cents/gal this week on supply issues and heavy buying by suppliers.

Monthly postings by Methanex and Southern Chemical Corp (SCC) historically have set the monthly US methanol contract range. SCC has not issued its posting yet. Methanex posted 165 cents/gal for October, while SCC issued 159 cents/gal.

In November 2010, the US monthly range moved 22.5 cents/gal to 129-133 cents/gal, from 108-109 cents/gal in October.

($1 = €0.72)

By: Lane Kelley
+1 713 525 2653

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