Extraction Margin Normalization

As the premium for fuel over chemicals narrows, refiners are expected to shift back toward industrial extraction. This will gradually replenish benzene inventories for the styrene and phenol sectors.

Liquidity Pause

Spot market liquidity has thinned as chemical buyers wait for further price drops. The 'Islamabad Memorandum' has fundamentally shifted the market from a seller's to a buyer's advantage in the short term.