Crude oil price has been rising since the second half of May, from $30/bbl to above $40/bbl. The rise in crude oil coupled with upbeat economic data have driven up methanol futures price from 1,700yuan/mt in May to above 1,800yuan/mt in July.
China methanol market declined drastically in the first half of 2020, taken a blow from the outbreak of COVID-19 pandemic, which led to severe overhang of excess supply, high port inventory, dwindling storage space, as well as demurrage of ships. Methanol
