The Weekly Catalyst
- Global polymer prices have fallen more than integrated production costs in 3Q driving sizable production margin declines, especially in the US, which has seen the most YoY margin compression.
- Brent Crude and Ex-US naphtha increased relative to US natural gas and USGC ethane WoW, suggesting a slight steepening of the global chemical cost curve, but it remains significantly flatter YoY.
- US and NW Europe benzene values fell significantly again WoW relative to Asia. We also highlight downward pressure on US methanol spot values relative to NW Europe and Asia.
- US ethanol margins fell WoW, as corn prices rose more than ethanol prices, and US ethanol now reflects a slight premium to RBOB gasoline. Global ammonia prices were also mostly unchanged WoW.