Strait Talk on Chemicals—Helium Struggle Continues, SoH Traffic Rebounds, Oil Up

Research evidence excerpt

Strait Talk on Chemicals—Helium Struggle Continues, SoH Traffic Rebounds, Oil Up

June 26, 2026 | 04:00 ET~

US Chemicals

Strait Talk on Chemicals—Helium Struggle Continues, US Chemicals

SoH Traffic Rebounds, Oil Up John P. McNulty, CFA Analyst

john.mcnulty@bmo.com (646) 946-8428

Bhavesh Lodaya Analyst

Bottom Line: bhavesh.lodaya@bmo.com (347) 274-1393

In this edition of Strait Talk, the news flow was anything but muted as, following IRGC Caleb Boehnlein Senior Associate

warnings, Iran attacked a cargo ship in the Strait of Hormuz, prompting the U.N.'s caleb.boehnlein@bmo.com (347) 906-1860

International Maritime Organization to pause its operation to escort ships through the Margarita Margulis Associate

Strait. Four other tankers made a U-turn. The market was flat on the day with a +LSD margarita.margulis@bmo.com (332) 257-0592

rebound in oil futures. We also note that Ukraine struck the Orenburg Helium Plant, Legal Entity: BMO Capital Markets Corp.

which represents ~4% of global helium capacity—potentially taking out nearly 10% of

global capacity this week, including 5% tied to an explosion in Qatar. On June 24, Strait What's Inside

of Hormuz traffic jumped to 78—the highest since the war began in late February. Lastly, Given the accelerating flow of information—

per American Chemistry Council data, NA exports of PVC fell 3.5% m/m in May, with from plant closures and commodity pricing to

market participants attributing the drop in export demand to high inventories built up demand trends and management & industry expert

shortly after the start of the war. commentary—our "Strait Talk on Chemicals" series is

designed to keep pace with these rapidly evolving

Key Points developments; the report will be updated frequently