US Methanol daily: Week opens to stable spot

– Market participants await ITC update

– CFR China marker rises to $280/mt

The week opened Tuesday to the fourth consecutive session of stable spot methanol values for both May and June. May remained at 100 cents/gal FOB USG, while a 1-cent backwardation was kept to put June at 99 cents/gal FOB USG. Market participants continued to wait for official news regarding the operational status of Intercontinental Terminal Company’s Deer Park facility Tuesday, though Unified Command has not confirmed on its website whether or not normal marine traffic has resumed at the terminal. ITC did not respond to a request for comment made Tuesday morning. In Asia, the CFR China marker was up $1/mt (about 0.30 cent/gal) on the day to $280/mt (about 84 cents/gal). S&P Global did not publish assessments for EMEA petrochemicals on Tuesday due to the Early May bank holiday.

RATIONALE:

S&P Global assessed US spot methanol at 100 cents/gal FOB USG for the front month (May) and 99 cents/gal FOB USG for the forward month (June). Both assessments were unchanged on the day and in line with notional talk.

 

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