Global Polyethylene Prices Rise Further, Most Other Polymer Chains Mixed YTD

Feedstock Market Trends: Brent Crude oil and Ex-US naphtha values fell WoW relative to US natural gas and USGC ethane values, though the global chemical cost curve still notably favors North American producers.
Chemical Market Trends: NW European ethylene production margins held positive territory for the second consecutive week last week, after being negative for ~8 months prior, amid co-product support and cost relief.
Polymer Market Trends: Global polyethylene prices show the most strength WoW, while polypropylene prices remain the most regionally mixed. US integrated polyethylene margins remain near highs last seen in 1H23.
Agriculture Market Trends: Further weakness in corn values WoW continues to weigh on sentiment across the agriculture input sector. However, it helped lift ethanol margins WoW following their sharp QoQ decline.

Exhibit 1 – Chart of the Day: Global polyethylene values show the most broad-based strength on a 1- & 3-month basis.