Methanex to Sell Most New Zealand Natural Gas Entitlements, Idle Production Facilities in 2027

MT newswire2026/09/01 21:14

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05:14 PM EDT, 09/01/2026 (MT Newswires) -- Methanex (MX.TO. MEOH) said Tuesday it agreed to sell substantially all of its New Zealand natural gas contractual entitlements, starting in the first quarter of 2027 through the end of the decade. The company said declining domestic natural gas availability and the absence of a clear path to meaningful new supply have made continued operations in New Zealand unsustainable. As a result, Methanex expects to indefinitely idle its New Zealand production facilities during the first quarter of 2027. The company said it will work with employees, contractors, suppliers, customers and government stakeholders during the transition. Shares of the company closed up C$1.96 at C$83.52 on Toronto Stock Exchange on Tuesday.

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The U.S. Energy Information Administration (EIA) has raised its forecast for average Brent crude oil prices in 2026 and 2027 to $97 and $86, respectively, reflecting pressures from global inventory declines, Middle East supply disruptions, and rising transportation costs. As oil production in the Middle East gradually recovers and global inventories rebound from low levels, the EIA expects the average spot price of Brent crude to fall to $87 per barrel in the second quarter of 2027, and further decline to $77 per barrel by the fourth quarter.

华尔街见闻•2026/11/10 18:41