Global Spot Polymer Markets Mixed WoW, But Mostly Lower; Ammonia Markets Hold Tight, Optimistic AEA Conference Likely

Chemical Market Trends: US spot polymer-grade propylene prices fell WoW, reflecting a YTD low, and US spot ethylene values fell WoW – Europe spot PGP and ethylene prices were lower, while Asia values higher WoW.
Polymer Market Trends: Global spot polymer prices mainly were lower WoW, as Europe reflected weakness across its major polymer markets, while North America and Asia showed more modest weakness on average.
Feedstock Market Trends: Global chemical production feedstock cost movements were mixed last week, but the US natural gas cost advantage, as shown below, remained significant compared to both Europe and Asia.
Agriculture Market Trends: The profit margin setting for North American ammonia producers remains robust, a topic likely to be on display regarding future market developments at this week’s AEA annual conference.

Exhibit 1 – Chart of the Day: The North American natural gas cost advantage remains high relative to Europe and Asia.