LatAm Petrochemicals: Monthly Petrochemical Monitor: Hormuz shocks, spreads surge

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LatAm Petrochemicals: Monthly Petrochemical Monitor: Hormuz shocks, spreads surge

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LatAm Petrochemicals

Monthly Petrochemical Monitor: Hormuz

shocks, spreads surge

Industry Overview

Monthly Petrochemical Monitor 11 May 2026

In our BofA Monthly Petrochemical Monitor, we track the performance of the most Equity

important petrochemical spreads for the companies within our LatAm coverage. Latin America

Oil & Gas

April delivers a sharp acceleration in spreads

April was an exceptionally strong month for petrochemical spreads, with a clear Table of Contents

acceleration relative to March. Unlike March – when naphtha prices surged by around Monthly Petrochemical Monitor 2

50% capping the expansion of several spreads – feedstock prices were more stable in

PE: Spreads nearly doubled 3

April. Naphtha rose by “only” 11%, while ethane prices declined by 13%, supporting

PP: US spreads rise post 39 consecutive flat

spread expansion. Resin prices also responded very positively: US PE prices jumped 47% 4

months

MoM, while Asian PP prices increased by a more modest 12% MoM.

PVC: positive momentum continues 6

PET: Integrated margins at US$320/ton (+44%PE spread leads the rally 6

During April, the highlights were the PE spreads, which improved by 60-120%, followed MoM)

by main chemicals (Braskem reference), which rebounded strongly after a weak March, EPS: Spread up 7% MoM 7

rising by 90%. Integrated PET margins also saw a notable improvement, increasing by Braskem’s main chemicals: recovery post weak 8

roughly 45% MoM and surpassing US$300/ton, a level not seen since Aug-2022. It is March

also worth highlighting that US PP spreads have broken out of a long-standing flat trend Acronyms 11

that had persisted since Dec-2022.