It said that some buyers have dismissed talk of resin shortages as hype – but that analysts maintain it is a real threat, and that it could take between four and six months to rebalance supply with demand.

According to Random Lengths, the methanol shortages stem from the temporary shutdowns of five plants around the world.

There are currently only three methanol plants operating in North America, compared with 10-12 a decade ago. The shutdowns have been caused by the high costs of natural gas which caused producers to look offshore.

Plants in Trinidad and Equatorial Guinea which shut down last year accounted for 27% of US methanol supply. The Trinidad plant was due to reopen this month.