There has been significant decline in Methanol contracts for in the last week of November 2018. The sole reason for this decline is the heavy dip in the crude prices. Crude has declined by more than 20% in last three weeks. Oil prices closed at a new yearly low Wednesday but edged up Thursday to $51.45/bbl in morning trading. Since hitting the yearly high in early October, benchmark West Texas Intermediate has dropped by 32%.
Major manufacturer Methanex has also cut down its rate for Asian and North America market.
Asian contract prices has been reduced by USD 80/MT and were posted at USD 430/MT. Prices posted for the region of North America are USD 469/MT reduced by USD 50/MT for this month.
