European Chemical Margins Reflect Weakness, Asia Holds Its Ground, & North American Margins Mostly Rise WoW

Polymer Market Trends: Global spot polymer prices were mixed last week, mostly trending with feedstock costs. US-integrated polymer margins saw the most strength, and Europe reflected the most declines WoW.
Chemical Market Trends: Global spot ethylene and propylene declined last week, generally aligning with our view. Global spot methanol prices rose WoW, with North America reflecting the largest margin uptick.
Feedstock Market Trends: US natural gas and USGC ethane prices fell WoW relative to Brent crude oil and Ex-US natural gas and naphtha values, reflecting positives at the feedstock level for US petrochemical producers.
Agriculture Market Trends: Global spot ammonia prices increased last week, but North American producers saw the most significant margin gains. Crop prices also fell WoW, a negative indicator for farmer spending.

Exhibit 1 – Chart of the Day: Global polymer, chemical, and feedstock values were mostly mixed WoW