US spot methanol reached a fresh 15-month high on Wednesday, sustaining an upward trend that has lasted nearly a month.
US methanol was assessed at 94.75-95.25 cents/gal FOB USG for November and December, the highest level since reaching 96.75 cents/gal FOB USG on August 5, 2015, S&P Global Platts data showed.
US spot pricing has been flat or higher for each session since October 21, Platts data showed.
US pricing has gained 16.5% in that span, rising from 81.50 cents/gal FOB USG for front-month material.
Global spot pricing has also moved higher during that period, with Chinese spot up 5% to $275/mt CFR China and European spot up 25% to Eur263.50/mt FOB Rotterdam, Platts data showed.
Market sources have discussed concerns about production in Latin America that could impact imports as a potential driver for the firmer pricing in the US market.
Methanol pricing typically softens during the fourth quarter due to lower demand from key downstream applications and slower trading activity, sources have said.
US spot pricing has averaged 83.83 cents/gal FOB USG to date in the fourth quarter, up 7% from the Q4 2015 average of 78.34 cents/gal FOB USG.
