Weekly Chains Update

研报英文原文证据摘录

Weekly Chains Update

Idea

July 26, 2026 10:51 PM GMT

Morgan Stanley & Co. LLCMChemicals | North America Vincent Andrews

Equity Analyst

Weekly Chains Update Vincent.Andrews@morganstanley.comTurner W Hinrichs +1 212 761-3293

Research Associate

Turner.Hinrichs@morganstanley.com +1 212 761-1269

Steven K Haynes, CFA

North America Polyethylene (PE) market update: spot domestic prices were flat Steven.Haynes@morganstanley.com

Justin T Pellegrino

to +1cpp week-over-week (FOB Houston, railcar), and spot export prices were +2cpp

to +5cpp week-over-week (FCA Houston, railcar). Reports note renewed buying Justin.Pellegrino@morganstanley.com +1 212 761-4054

interest this past week, as buyers were questioning whether they might need to

Chemicals

restock at higher prices if purchases are deferred. Traders noted that converters North America

need to restock considering recent purchasing has been hand-to-mouth, though Industry View In-Line

commentary does not indicate that domestic transactions picked up. Export market

demand increased this past week, though reportedly remains at moderate levels

amid similar concerns regarding potential upside to global prices. Asia and

particularly China were reported as the main destination for US-origin volumes amid

increased demand and interest in US exports. Transactions were reportedly limited

in Mexico. On supply, commentary was mixed. While some resellers reported short

supply, other market participants still see supply as abundant. Commentary

indicates that producers may be managing inventories strategically (holding off from

sales) while they evaluate market developments. Natural gas prices and ethane

prices increased week-over-week, resulting in an increased frac spread of 4.68c/gal

(vs. 3.08c/gal the prior week).