Chemical Distillate: Muted Equity Response to Oil Rally as 2H Pricing Remains in Focus; Acetyl Chain Tightness

Research evidence excerpt

Chemical Distillate: Muted Equity Response to Oil Rally as 2H Pricing Remains in Focus; Acetyl Chain Tightness

▪RPM International (RPM.N): Stabilization in Consumer and Inflation Easing into

F2H27; Takeaways from Call & Management Callback

▪RPM International (RPM.N): Strong F4Q26 Beat on Continued Strength in High-

Performance Buildings; Robust Project Pipeline Supporting FY27 Outlook

▪US Chemicals — Periodic Crowding Table: Weekly Valuation and Crowding

Overview

▪Air Products & Chemicals (APD.N): APD Wins Semi Expansion Contract in

Taiwan; Reinforcing Turnaround Momentum

▪International Flavors & Fragrances (IFF.N): Divests Portfolio of Botanical

Extracts, Vitamins & Minerals and Food Enhancement Activities

▪Chemical Distillate: Re-Escalation Broadly Supporting Chems Performance; 2Q

Signs of Stabilization in Refinish

▪North America Commodity Chemicals: Mid-July PE Domestic Prices Continue to

Underwhelm; Inventory Levels Still Elevated

▪North America Commodity Chemicals: Negative PE Pricing Outlook Suggests

Further Revisions in 3Q

▪Linde PLC (LIN.O): Additional Lawsuits Adds New Layer to Ongoing Russia

Litigation

▪North America Fertilizers & Agricultural Chemicals: July 2026 WASDE:

Incrementally Positive on US Corn Supply/Demand Balance

▪Chemical Distillate: Renewed Worries on PE Market Deterioration; SHW vs.

Existing Home Sales

▪Global Commodity Chemicals: China Player Plans Additional Integrated VAM

Plant

▪North America Chemicals: Price/Cost and End-Market Uncertainty Dominating

the Conversation; Examining Investor Expectations into 2Q Reporting

▪North America Commodity Chemicals: June PE Settles Down 15cpp on NTP

Basis

▪Ecolab Inc (ECL.N): ECL Closes CoolIT Acquisition; Updates FY26 EPS to

Incorporate CoolIT