There was also some indecisiveness in the market as it absorbed news that Methanol Holdings Trinidad Limited (MHTL), the largest methanol producer in Trinidad, was idling two two plants, equal to about 25% of the company's total capacity on the island.
Spot buying has been very active since the start of the year, as global supplies remain tight on strained production in key regions, including the Caribbean, Middle East and South America.
US demand has also been unseasonably strong, as mild weather has supported the weather-dependent construction and housing industries. Formaldehyde and acetic acid, which are prevalent in many paints, coatings and adhesives applications, remain the top downstream markets for methanol in the US.
The spot price was assessed at 127 cents/gal, down from 130 cents/gal the prior week.
Image above: A bottle of methanol. Source: Source: VISUM/REX/Shutterstock