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Methanol futures hit a new high in five years

Methanol futures hit a new high in five years

  On August 3, the main contract of methanol futures was strong daily limit, and the night market continued to attack in the evening, breaking through the high point of 3268 on December 5, 17 and closing at a new high of nearly 5 years. The price increase of methanol in this round was mainly driven by tight supply and demand in the market, low inventory and unsatisfactory stocks.
  On the supply side, methanol experienced a major overhaul of domestic and foreign installations in March-May. In early July, it encountered environmental protection and limited production in Guanzhong and Shandong. Domestic supply has been difficult to increase significantly. On the demand side, despite the traditional low season of consumption, However, the downstream consumption of methanol increased in July compared with that in June: on the one hand, in June, Fude, Xingxing and other East China olefin plants were overhauled, restarted in early July, and demanded after the time; on the other hand, acetic acid, formaldehyde, etc. Methanol traditional downstream profit preference demand continues, olefin profit also began to broaden after mid-July, the current downstream profit also formed a strong support for downstream operating rate. In terms of inventory, methanol coastal stocks were generally low this year. Although there were some accumulations in June-July, the speed was not as good as expected, and the overall level has not exceeded 600,000 tons.
  In the case of supply reduction, demand remains rigid, and the tight supply and demand pattern will continue, and methanol prices are expected to remain high.