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Recently, the world's major methanol producers OCI of the Netherlands and Messines predicted that driven by strong demand growth and limited capacity addition, the fundamentals of the global methanol market will remain healthy in the medium and long term, and the supply will tend to be tight
The medium-term prospects of the methanol market are promising
The medium-term prospect of the methanol market is good The medium-term prospect of the methanol market is goodDespite a pessimistic near-term outlook for methanol prices due to record high gas feedstock prices in Europe leading to a significant increase in methanol production costs, OCI said methanol prices are supported by high oil prices as it is much cheaper than LNG and gasoline and can be sold globally as a lower cost and cleaner alternative fuel
Messines said that entering 2022, the global methanol market has tightened, and supply is still limited by the industry's low operating rate
Tight supply fundamentals will persist
Supply Tight Fundamentals Will Continue Tight Supply Fundamentals Will ContinueOCI predicts that from 2022 to 2027, the fundamentals of the methanol market will tighten, and the new demand is expected to exceed the new supply by 7 million to 8 million tons per year.
Messines expects that demand for methanol from traditional chemicals, which account for more than 50% of total methanol consumption, will be affected by global and regional economic strength and industrial production levels in the long run
Messines expects that most of the new methanol capacity in the next few years will be in North America, the Middle East and Asia
Has hedged against soaring natural gas prices
Hedged soaring natural gas prices Hedged soaring natural gas pricesWith natural gas prices expected to remain elevated for the remainder of the year and into 2023, both Messines and OCI announced that the two companies have hedged a significant amount of their natural gas feedstock demand
In North America, Messines has hedged 85% of its natural gas demand for next year at significantly lower prices than current spot prices, and 65% of its natural gas demand for the remainder of the year, so that methanol production changes when U.
OCI has locked in 50% of its U.
