North America Chemical Prices Mostly Higher, Other Global Markets Mixed – Europe Sees the Most Weakness WoW

Polymer Market Trends: North American spot polymer markets reflect strength WoW, while Europe and Asia markets remain mixed – we discuss recent strength in US, Brazil, and Asia spot PVC prices relative to Europe.
Chemical Market Trends: US spot ethylene prices are rising, in part due to strength on the Choctaw (LA grid) relative to Texas, which is spurring some to sell merchant ethylene rather than produce derivative products.
Feedstock Market Trends: Brent Crude Oil and Ex-US naphtha prices rose WoW relative to global natural gas and US ethane prices – the US ethylene cost advantage remains substantial relative to Europe and Asia.
Agriculture Market Trends: Global ammonia values moved slightly higher, on average, last week, and the drop in natural gas costs improved production margins for most production regions. Crop prices broadly fell WoW.

Exhibit 1 – Chart of the Day: Average spot PVC prices in the Americas and Asia move higher WoW relative to Europe.