Global Spot Polymer Prices Close November Lower MoM, Further Weakness Likely; Western Methanol at YTD High Relative to Asia

Polymer Market Trends: Global spot polymer prices broadly declined in November, and we anticipate further downward pressure in December, absent substantial production cuts or a sizable rebound in crude oil prices.
Chemical Market Trends: European methanol prices surged to a YTD high last week, outpacing US methanol spot prices higher. Both reflect YTD highs relative to Asia, suggesting major concerns for Western spot buyers.
Feedstock Market Trends: Brent crude oil prices fell last week while the global natural gas market tightened, with US natural gas prices showing the most sizable uptick. US spot ethane and propane modestly fell WoW.
Agriculture Market Trends: Ammonia prices mostly rose last week, though few outpaced regional natural gas price upticks, thus implying producer profit weakness. US and Middle Eastern producers remain advantaged.

Exhibit 1 – Chart of the Day: Most global spot polymer prices are lower than levels seen one – and three months ago.