US Nov methanol contract jumps 4% on Methanex posting

US November methanol contracts jumped to an average 154.5 cents/gal, the highest monthly contract in more than four years. Settling after Methanex issued its monthly posting late Friday, the November contract rise of 4% raised it to the highest monthly average since reaching 155 cents/gal in June 2014. US methanol spot barge prices jumped to a new yearly high in October of 131 cents/gal on supply issues, with a plant down in Trinidad and a delayed shipment from Venezuela. Methanol feedstocks showed a mixed performance in October, with US benchmark West Texas Intermediate crude dropping 8% during the month while the natural gas contract (based on delivery at Henry Hub) moved up almost 6%.