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Methanol prices set on high in European market

Spot prices for Methanol in Europe have set on high due to ongoing sanctions and political tensions between Venezuela and the US. European spot prices increased to €281-286/tonne on a FOB Rotterdam basis in the week ending Friday 8 March, while US spot prices were at 108-109cts/US gal. In dollar terms, the spread between the two remains significant."Production is still running, export is possible but not to us.  If not Europe the methanol will go to China. Some market players are hesitant from taking Venezuelan methanol, worried that they could be slapped with retrospective sanctions from the US, trader feedback suggested. This could leave Europe or other production centres nearby to step into the breach and supply methanol to the US. The US has significant methanol capacity, so one methanol source suggested that plants there may be able to plug any local US gap and leave the Venezuelan material for other markets such as Asia. That said, material from Venezuela to Asia is not an unusual flow.