US Chemicals Weekly Watch

研报英文原文证据摘录

US Chemicals Weekly Watch

RBC Capital Markets, LLC

Arun Viswanathan, CFA (Analyst)

(212) 301-1611, arun.viswanathan@rbccm.com

Adam Hamilton (AVP)

(212) 266-4099, adam.hamilton@rbccm.com

Brian Dong (Senior Associate)

(929) 491-9665, brian.dong@rbccm.com

July 1, 2026

W/W Change in Spot Prices

(please see back pages for additional detail) US Chemicals Weekly Watch

Units in Cents/lb unless stated 26-Jun Δw/w Δ m/mRESEARCH Spot Ethylene PE Continues to Soften

NA 22.00 -0.8% -28.9%

Our US Chemicals Weekly Watch highlights trends in commodity and Northeast Asia 39.01 -2.3% -21.8%

specialty chemicals, such as price changes, industry events, and supply/ NA Ethylene Cash Costs

demand. Purity Ethane 11.70 5.4% 17.0%

Propane 17.20 -6.5% -35.8%

Butane 16.50 -9.8% -55.0% Coverage highlights: We Previewed SOLS Q2 Earnings, and now see a

Q2 beat given stronger electronic materials and continue to like the stock Light Naphtha 37.40 1.1% -48.6%

long-term on msd%+ refrigerants growth and strong e-mats and nuclear Co-ProdGas Oil Int. Lt. Naphtha 25.2083.20 -1.0%1.6% -58.3%-28.3%EQUITY (Link). We also previewed Q2 commodity chemical earnings, generally Wtd Avg 12.80 2.4% -6.6%

lowering H2 and 2027 estimates (Link) and downgraded DOW (Link) on Wtd Avg Spot Margin 9.20 -5.0% -46.6%

falling Olefins margins. We remain positive on CC following its recent PFAS

Crude Oil (WTI Spot, $/Bbl) 69.2 -6.1% -28.3% EPA/DoJ settlement (Link). FMC announced it sold a 20% equity stake

for $400M (Link) and the sale-leaseback of a Delaware R&D facility for Natural Gas (HHUB Spot, $/MMBtu) 3.28 1.4% 12.8%

$114M (Link), on the back of its recent $200M licensing pre-payment from Oil-to-gasEthane (MtRatioBelvieu Spot, cents/gal) 21.1x23.1 -7.4%3.1% -36.5%13.2%

CTVA (Link).