25 April 2014 17:42 [Source: ICIS news]
HOUSTON (ICIS)--US May methanol contracts dropped 10 cents/gal on Friday with Methanex's posting of 170 cents/gal.
Southern Chemical Corp (SCC) posted the same number for May earlier this week.
The decline in the contract followed a dive in spot barge prices as Asian methanol imports arrive in the US, with the plunge continuing this week.
Spot prices on Friday fell to 134-135 cents/gal, down from 138-140 cents/gal at the close on 18 April. Sources said spot dropped to 130 cents/gal on Thursday on the sale of two barges, one for May and one for June, before rebounding.
Some of the Asian methanol shipments began arriving last week and will continue to dock in Houston going into May.
Broker information showed another shipment from Malaysia on the way to the US, a 17,000-tonne cargo from Labuan, Malaysia on the Fairchem Sabre, chartered by Vitol, headed to the US Gulf and then on to Europe.
A trader said the ship appeared to have added the European stop in mid-course, possibly because of market conditions.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections