The Weekly Catalyst
- U.S. polymer price premiums relative to Asia are falling amid rising availability, and more pressure is likely ahead. U.S. polyvinyl chloride (PVC) spot values fell the most compared to Asia WoW.
- Ex-US naphtha values declined relative to ethane values WoW, modestly flattening the global ethylene cost curve at the feedstock level. Brent crude prices also dropped relative to U.S. natural gas.
- U.S. spot propylene and ethylene values increased WoW relative to N.W. Europe and Asia. This trend is a plus for U.S. merchant sellers but negative for buyers amid derivative product price erosion.
- Macro indicators for farm-input sellers were mixed but still broadly favorable WoW. Corn, soybean, and canola prices fell a bit WoW, and the price ratio between soybeans and corn improved.