Methanex Corp. will idle its Titan methanol plant in Trinidad and Tobago indefinitely after failing to finalize a new natural gas agreement. The current gas contract expires in the third quarter, and the company will maintain the plant for a possible restart if conditions improve. RBC Capital analyst Nelson Ng lowered the price target to $65 from $70 on July 1, citing expectations that easing U.S.-Iran tensions and revived Strait of Hormuz shipping will stabilize methanol prices in the second half of the year after a second-quarter peak. The revised target still implies an upside of more than 43%, and Ng reiterated a Sector Perform rating.
Methanex CorporationMethanex will idle its Titan plant indefinitely after failing to secure a new gas contract, reducing production.
Royal Bank of Canada