Acrylonitrile and Derivatives: Asia Market Upheaval
In mainland China, domestic acrylonitrile market prices continued to trend upward at the beginning of April, driven by reduced supply resulting from technical issues, planned turnarounds, and strategic production cuts. As a result, the overall operating rate dropped below 70% on average in April. Read More
Soaring Transatlantic VLGC Freight Offsets Slump in European Spot Propane Prices
The "weight of freight" has reached its highest level since late 2023. While global crude and bunker fuel prices soften amid U.S.-Iran peace talks, soaring VLGC rates from the U.S. Gulf are preventing a total collapse in European CIF ARA propane assessments. In this update, we examine how the Houston-Flushing route now accounts for over 26% of the delivered product price—mitigating a sharp slump in the Northwest European physical market. Read More
Asia’s Benzene Outlook Clouded by Volatility, Weak Demand Recovery
Asia’s benzene market has entered May caught between limited spot supply and deteriorating downstream demand, leaving buyers and sellers sharply divided over price direction as volatility in crude oil and naphtha markets continues to ripple through the petrochemical chain, according to industry sources. Read More
Asia’s Cracking Volumes Rise As LPG Supply Tightness Eases: OPIS Poll
June cracking volumes across Asia’s flexible crackers are expected to rise as regional supply tightness has eased following increased U.S. LPG flows into Asia amid the ongoing Middle East conflict, the latest monthly OPIS cracking survey shows. Read More
UK Most at Risk for ‘Jet Fuel Rationing’ this Summer: Goldman Sachs
Goldman Sachs said Monday there is a considerable risk of a jet fuel shortage this summer due to the Mideast conflict, with the United Kingdom being the most exposed to possible jet supply restrictions due to its heavy reliance on imports. Read More
The Caribbean and South American Methanol Pivot: Balancing Traditional Supply with Green Ambition
The South American methanol market presents a striking paradox: the region is a global supply powerhouse yet is challenged by internal constraints and shifting policy. Read More
Asia’s Downstream Solar Prices Slip from YTD High on Softer Costs, Weak Demand
Asian downstream solar prices have retreated from their year-to-date highs as production costs have eased and demand softened, with FOB China mainstream cell and module prices down 12.9% and 2.5%, respectively, from their late-March peaks, according to OPIS data. Read More
China rPET Bale Prices Rise as Oil Volatility Lifts Costs: Sources
China’s recycled polyethylene terephthalate or rPET bale prices increased this week, supported by tighter feedstock availability and higher cost pressures linked to oil price fluctuations, according to market participants. Read More
Sneak Peek: How Consumer Gasoline Demand has Fluctuated Alongside the Conflict in Iran
Early DemandPro data, based on actual gallons sold at approximately 35,000 gas stations across the United States, suggests that unleaded gasoline demand has declined as a result of higher pump prices, although perhaps not to the extent some initially anticipated. Read More
Market Share Shifts while Higher Gasoline Prices Persist
Last month’s OPIS RetailCents LinkedIn Newsletter focused on the sharp increase in retail unleaded gasoline prices following the start of the conflict with Iran on February 28, 2026. With national average pump prices remaining fairly consistently above $4/gal, the next area of interest becomes whether sustained higher prices influence where consumers choose to fill their tanks. Read More
UAE Will Leave OPEC Group on May 1: State Media
The United Arab Emirates (UAE) will exit the Organization of the Petroleum Exporting Countries (OPEC) and the wider OPEC+ group from May 1 after nearly 60 years, Emirati state news agency WAM announced Tuesday. Read More
When Ethylene is Optional: Coal-Based Supply is Stepping Up
Amid ongoing disruptions to Middle East energy and chemical feedstock flows, the impact is extending beyond feedstocks into the petrochemical chain, with regional steam crackers operating at reduced rates or offline, significantly curtailing olefin and derivative exports. Read More
Indian Companies Secure June-Loading US FOB LPG Cargoes: Sources
Indian Public Sector Undertaking companies Bharat Petroleum Corp. and Indian Oil Corp. were heard to have secured early June-loading U.S. FOB spot LPG cargoes, according to market sources. Read More
China’s April PDH Operating Rates Drop Amid Feedstock Shortages
Chinese propane dehydrogenation (PDH) units have seen average operating rates plummet to 55% this April, a sharp decline from the 64% levels maintained in February and March. The downturn stems directly from a tightening feedstock environment as a U.S. blockade on Iranian ports disrupts the flow of LPG to its primary buyer. With April and May imports projected to fall significantly below the 1 million mt monthly average seen last year, several major facilities—including Fujian Meide and Qingdao Jinneng—have been forced into unscheduled shutdowns, leaving the physical trading window devoid of bids or deals for consecutive sessions. Read More
Middle East Conflict Winners and Losers: Polyolefins
The Middle East region suffered significant physical damages that potentially include polyethylene (PE) and polypropylene (PP) plants and upstream facilities. Regional supply remains heavily curtailed due to feedstock shortages and inventory constraints, resulting in force majeure announcements and even forced some assets to shut down. Read More
Asia rPET Prices Up in Q1 on Holiday Disruptions, Mandates, Mideast Conflict
Asia’s recycled polyethylene terephthalate or rPET prices have strengthened since January, supported by seasonal supply disruptions in February and stronger compliance-driven demand in March amid rising cost pressure linked to the ongoing Middle East conflict, market sources said. Read More
Fertilizer Shocks Ahead Could Risk Food Supply
The effects of the Middle East conflict on ammonia and urea markets are expected to be global and far-reaching. Supply via the Strait of Hormuz accounts for approximately 30-35% of global seaborne urea trade and around 30% of ammonia trade. Outside of Oman, all ammonia and urea exports from the Middle East (including Iran) flow through the strait. Oman has also been affected by the conflict, sustaining attacks on its infrastructure. However, production and exports remain at pre-conflict levels. Read More
No LPG Tankers Cross Strait of Hormuz After US Blockade on Iranian Ports
LPG transit through the Strait of Hormuz has ground to a halt following a U.S. blockade on Iranian ports. With 31 tankers currently stranded in the Middle East and CFR Japan prices up nearly 50% from pre-war levels, Asian importers are forced to pivot toward U.S. alternatives. This shift is intensifying competition for U.S. Gulf Coast supply and creating a high-stakes bottleneck for global trade flows. Read More
Asia’s Benzene Margins Struggle to Recover On Surging Naphtha Costs
Asia’s benzene market is showing tentative signs of margin recovery, but producers remain under sustained pressure as feedstock disruptions linked to the Middle East conflict continue to distort cost structures and trade flows across the region, according to industry sources. Read More
Asia’s Flexible Crackers to Raise LPG Feed in May Despite Mideast Risks: OPIS Poll
Asia’s flexible-feed crackers are projected to increase their LPG intake in May amid continuing uncertainties posed by the Middle East conflict, contrary to the decline seen in April, according to the latest monthly OPIS cracking survey concluded on Tuesday. Read More
USGC Benzene April Contract Settles at 409cts/gal, Volume Rises to a Near Two-Year High
The U.S. Gulf Coast benzene contract price for April has settled at 409cts/gal ($1,224/mt), marking a significant 96cts/gal ($287/mt) increase from the March settlement. This represents the sharpest monthly climb since October 2023, according to OPIS data. Market liquidity saw a massive rebound during the April window, with 1.31 million barrels traded—a 170% increase over March’s 485,000 barrels. This surge represents the highest trading volume since February 2024, reflecting a market scrambling to price in heightened energy futures following the geopolitical shocks in late February. Read More
Middle Eastern Styrene Exports Come To Near Full Stop
Saudi Arabia and Kuwait typically account for approximately 34% of global styrene monomer (SM) trade flows. SM exports, which were primarily shipped via the Gulf and the Strait of Hormuz, have come to an almost complete stop, resulting in force majeure declarations on SM supply from CP Chem and SABIC in Saudi Arabia and Equate in Kuwait. Read More
Sabic Petchem Complex Hit as Gulf Strikes Escalate, Adding to Supply-Side Risks
Attacks on Saudi Arabia’s eastern industrial hub of Jubail triggered a fire at facilities operated by Saudi Basic Industries Corp., intensifying geopolitical tensions across the Gulf and heightening concerns over petrochemical supply disruptions. Read More
Extending the Conflict Timeline
As the conflict between the U.S., Israel and Iran extend into a second month and the potential of U.S. troops arriving on the ground seemingly takes shape, the risks to our original timeline have been upgraded. Read More
Ship Fuel Costs up $393 Million/Day as US, Israel Strikes on Iran Spur Oil Prices Higher
Shipping companies are spending an extra €340 million ($394 million)/day in additional fuel costs due to the ongoing conflict between the U.S., Israel and Iran, according to the European Federation for Transport and Environment (T&E) in a report on March 27. Read More
From Market Disruption to Pump Prices
Since the onset of the conflict with Iran on February 28, the U.S. economy has seen significant disruption, particularly within the energy sector. Retail fuel prices have moved sharply higher, affecting both consumer budgets and the operating environment for fuel retailers. Read More
The Impact of US-Iran Conflict on Methanol Markets
Iran occupies a structurally significant position in the global petrochemical value chain, particularly in methanol, boasting 11% of global methanol nameplate capacity making it the world’s second-largest methanol producer, after mainland China. Iran exports well over 90% of its methanol production to the global markets mainly to mainland China and India. Read More
Sheinbaum Asks Retailers to Forgo Diesel Price Increases after Government Trims Fuel Taxes
Mexican President Claudia Sheinbaum on Thursday urged fuel retailers to refrain from raising the retail price of diesel, citing a recent reduction in federal taxes on the fuel as oil prices surge on the continuing Middle East conflict. Read More
The Case for Oil Prices to Stay Below $150
The U.S.-Iran conflict is wrapping up its fourth week and Brent crude oil is maintaining a price north of $100 per barrel. OPIS acknowledges that there is no definite timeline for a conclusion, however we have recently increased our expectations for the conflict to last six weeks. Should fighting conclude after six weeks, it will potentially require up to twelve weeks of recovery and for marine transit to normalize. The coming days will be critical as U.S. military is being staged to potentially enter the Middle East. Read More
Engineering Resin Market Exposure to the Iran Conflict
Shipments through the Strait of Hormuz have virtually come to a standstill, as major shipping lines have suspended transit through both the Red Sea and the Suez Canal due to severe and escalating security risks. Read More
CERAWeek 2026: Global Oil Supply Disruption Unprecedented in Scale With no Near-Term Resolution, Executives Say
HOUSTON -- The closure of the Strait of Hormuz has produced a supply disruption with no parallel in the modern history of global oil markets, compounded by the simultaneous infrastructure attacks across Central Asia that have removed a second significant export corridor, executives and officials said Tuesday at CERAWeek 2026 by S&P Global in Houston. Read More
Oil Products Could See Rare Voyage from US Gulf to West Coast as Asia Arb Economics Collapse
Enquiries are being made to ship oil products from the U.S. Gulf Coast to the West Coast in an attempt to pry open a trade window long replaced by the Asia-to-U.S. West Coast arbitrage, according to market sources and shipping fixtures. Read More
CERAWeek 2026: Hormuz Closure Has Flipped Market Headwinds Into Tailwinds, ConocoPhillips CEO Says
HOUSTON -- What a month ago appeared to be headwinds for the energy industry have turned into tailwinds following the closure of the Strait of Hormuz and deepening conflict in the Middle East, ConocoPhillips Chief Executive Officer Ryan Lance said Tuesday at CERAWeek by S&P Global. Read More
Oil Markets to Face Extensive Fallout from Qatar Strikes
Petroleum product markets are feeling the impact of drone attacks on QatarEnergy’s infrastructure and bracing for an extensive fallout that could ripple through global markets for at least a year, even after the conflict subsides. Read More
APAC, EU rPET Prices Rise as Middle East Tensions Disrupt Supply Chains
Recycled polyethylene terephthalate or rPET premium flakes and bale prices across the Asia Pacific and Europe are facing mounting pressure following the escalating Middle East conflict, as rising energy costs, feedstock disruptions and freight volatility reshape market dynamics across both regions. Read More
Trump Orders 60-Day Waiver of Jones Act Requirements in a Bid to Ease Rising Fuel Prices
President Trump on Wednesday authorized a 60-day waiver of the Jones Act that will temporarily allowing foreign-flagged vessels to transport oil, natural gas and other commodities between U.S. ports as part of an effort to limit energy market disruptions and moderating fuel costs that have soared on the continuing conflict in the Middle East. Read More
South Korea Flags Naphtha As Security Item Amid Supply Crunch
South Korea will temporarily designate naphtha as an "economic security item", allowing affected companies to receive government support amid heightened supply chain risks, according to local media reports. Read More
China’s Polyester Industry Faces Margin Erosion as Supply Chain Volatility Hits
The Chinese polyester industry is currently weathering a storm of margin erosion and supply chain volatility, driven by escalating geopolitical tensions in the Middle East, with the effective closure of the Strait of Hormuz choking essential petrochemical supply lines and sending feedstock costs upwards. Read More
Indonesia Could Face Obstacles in Advancing Higher Biofuel Blends: Sources
The Indonesian government could see obstacles in accelerating plans to introduce 20% of ethanol blending in gasoline and increasing biodiesel blending to 50% from the present B40, sources said. Read More
China’s Naphtha Market Braces for Further Challenges as Russian Oil Waivers Expand
While crackers across Asia are rushing to secure Russian cargoes following the Trump administration’s expansion of the Russian oil sanction waiver on Friday, naphtha-fed crackers in China could face greater obstacles, as the once-discounted cargoes become more elusive. Read More
Sable Resumes Southern California Pipeline Platform Operations, Plans First Sales by April
Sable Offshore Corp. has restarted the Santa Ynez Unit portion of its Southern California system following directions from the Department of Energy and President Trump and anticipates its first sales by April, the company said Monday. Read More
DOE Says Half of Planned 172-Million-Bbl SPR Release Will be Loaned to Buyers
Half of the planned 172-million-bbl release of oil from the Strategic Petroleum Reserve will be loaned to buyers, who will be required to return eventually to the stockpile, the Trump administration said. Read More
Europe Retail Road Fuel Prices Post Multi-Year Highs on Iran Conflict: OPIS NAVX
Retail road fuel prices in France, Germany, Italy, Spain and the U.K. have posted multi-year highs, buoyed by rocketing crude due to the Iran conflict. Read More
Conflict Stirs Diesel Supply Fears for Australian Mines
Australia’s coal and iron ore mining industries could be approaching a diesel fuel supply crisis, as the Middle Eastern conflict disrupts crude oil trade flows, exacerbated by panic buying by some Australian motorists. Read More
Asia’s Cracking Volumes Fall Amid Mideast Conflict: OPIS Poll
April cracking volumes across Asia’s flexible crackers are set to plunge as escalating Middle East hostilities have disrupted feedstock supply and prompted a wave of force majeure declarations by petrochemical firms, according to the latest monthly OPIS cracking survey concluded on Tuesday. Read More
Ship Traffic Through Strait of Hormuz Plunges Amid Conflict: JMIC
Ship traffic through the Strait of Hormuz has fallen from an average of 138 vessels a day to just two on March 5 due to the U.S.-Iran conflict, with "no confirmed indicators of de-escalation", according to the Joint Maritime Information Centre (JMIC) in an advisory post to its website on Friday. Read More
China’s rPET Flake, Bale Prices Climb on Wider vPET Spread, Iran Conflict
China’s recycled polyethylene terephthalate or rPET bale and flake prices have increased for a fourth consecutive week, even as the spread between virgin PET and recycled material has widened following the Middle East conflict, market participants said this week. Read More
Jet Fuel, Gasoil Cargoes Head from India to Singapore Amid Volatile Economics
Tankers carrying over 270,000 metric tons of middle distillates are making their way to Singapore after having loaded from India’s Sikka port in the days following the U.S.-Israeli attacks on Iran on Feb. 28, according to shiptracking services and market sources. Read More
Hormuz Closure Poses Direct Threat to Europe’s Jet Fuel Supply Security
The U.S.-Israel war on Iran has triggered a massive rally in the European jet fuel market as the de facto closure of the Strait of Hormuz leaves Kuwaiti refineries unable to export their production out of the region. Read More
Middle East Crisis Leaves Europe in Hands of US Diesel Producers
The European diesel market is rallying due to the war in Iran, as the de-facto closure of the Strait of Hormuz blocks exports from the Middle East while refineries and storage facilities in the region come under attack. Read More
European Physical Propane Price Rallies to Three-Year High on Middle East Conflict
The OPIS assessed CIF Amsterdam-Rotterdam-Antwerp (ARA) physical propane price for March has climbed $101.50/metric ton over the past two days to reach its highest level since March 2023. Read More
New War Risk Insurance Premiums Expected for Middle East Gulf by March 7
Following an escalation of tensions in the Middle East Gulf, insurance underwriters are expected to issue new war risk premiums by March 7, a shipping management firm informed OPIS on Thursday. Read More
Butane Increases Share in US Export Portfolio at Expense of Propane
U.S. butane exports rose in February at the expense of propane, a trend which has rolled into March and been exacerbated by the conflict in the Middle East, shipping data showed this week. Read More
Vietnam’s PV Gas Boosts LPG Output Amid Mideast Supply Disruptions
PV Gas Trading has declared force majeure on LPG deliveries in Southern Vietnam following supply disruptions from Saudi Arabia and shipping blockages in the Strait of Hormuz. To mitigate the impact, the company is boosting domestic production by 5% and pivoting toward LNG and pipeline gas as alternative energy sources for its customers. Read More
Asia Morning Regrade Value Extends Record High on Bullish Jet Fuel Prices
The jet fuel paper market opened Asia’s morning trading session by extending record highs for regrade values and East-West spreads from the previous day’s close, reflecting persistently bullish sentiments for jet fuel in Asia, according to paper prices provided by various brokers on the morning of March 5. Read More
APAC Carbon Market Largely Stable Despite Mideast Tensions Driving EUAs
Carbon prices across the Asia Pacific have been largely stable this week, even as geopolitical tensions in the Middle East have triggered volatility in Europe’s carbon market, highlighting the different fundamentals driving emission trading systems in the two regions. Read More
Trump Readies US Naval Protection, Orders Insurance for Ships in Middle East Gulf
President Donald Trump has announced the U.S. International Development Finance Corporation will provide political risk insurance and financial guarantees for vessels passing through the Strait of Hormuz at a "very reasonable price", in a post to social media on Wednesday. Read More
South Korea Gets Ready to Tap Internal Oil Reserves Amid Iran Crisis
South Korea is prepared to release oil from its strategic reserves and supply stored petroleum to the domestic market if the ongoing conflict in the Middle East continues and depletes private inventories, said the government in an urgent meeting to discuss the situation. Read More
Freight, Oil Volatility Pressure Asia’s rPET Market Amid Mideast Tensions
Asia’s recycled polyethylene terephthalate or rPET market is beginning to feel the ripple effects of escalating Middle East tensions, with participants pointing to rising crude prices, freight disruptions and shifting procurement strategies as key emerging risks. Read More
Industry Weighs Impact of Mideast Conflict on Local Solar Imports, Manufacturing
The overall impact from the Iran conflict on solar manufacturing projects in the Middle East is likely to be limited, given that most of these projects are at an early stage of development, according to market participants. However, prolonged logistical disruptions could lead to delays in solar products exported to the region and trigger price fluctuations. Read More
Asia Benzene Jumps Nearly 8% as Iran Crisis Roils Feedstock, Freight Markets
Benzene spot prices in Asia surged nearly 8% on Monday as oil futures rallied and market participants sought to digest the risk of a broadening conflict in the Middle East, raising fears of prolonged disruptions to crude, naphtha and gas supply. Read More
Mideast, WC India Gasoil Arbitrages Swing to Asia Amid Volatile Freight: Sources
The arbitrages for long range 2-size gasoil volumes from the Middle East and the West Coast of India have swung eastwards to Asia after many shipowners chose not to provide voyages through the Strait of Hormuz, although the situation remains volatile, market sources said. Read More
FOB US Gulf Coast Propane Values Reach Highest Level in More than 16 Months
FOB U.S. Gulf Coast propane values surged to a 16-month high following geopolitical escalations between the U.S., Israel, and Iran. While notional netbacks are pegged above +20cts/gal, market participants warn that a potential closure of the Strait of Hormuz is severely complicating shipping arrangements and cargo availability. Read More
Mideast Conflict Widens US-Asia LPG Arbitrage Window
The conflict involving the U.S., Israel, and Iran has widened the U.S.-Asia LPG arbitrage, with the spread between the OPIS Mont Belvieu Enterprise (Non-TET) and Far East propane swaps opening at $307.58 per metric ton. Sources indicate that geopolitical tensions have introduced a war risk premium, prompting shipowners to avoid the Strait of Hormuz and the Suez Canal in favor of U.S. cargoes. Read More
Mexico Sees No Immediate Fuel Price Impacts from Mideast Clash: Analysts
Mexican energy analysts on Monday said they don't expect the U.S. and Israeli attacks against Iran will have an immediate impact on the country's retail fuel prices. Read More
Strait of Hormuz Diversions Hinder Oil Cargoes from Reaching Markets
As shipping companies avoid the closure of the Strait of Hormuz following U.S. and Israeli military strikes on Iran, this has in turn curtailed refined product flows from the Persian Gulf region/Gulf of Oman from reaching export markets, according to market sources. Read More
OPEC+ Members Agree to Increase Oil Output by Higher-than-Expected 206,000 b/d
OPEC+ member countries on Sunday said they would increase production by 206,000 b/d starting in April. Read More
European Oil Prices, Tanker Freight Rates Climb Amid US, Israel Strikes on Iran
Refined oil prices and tanker freight rates for shipping refined products into Europe from the Middle East started to climb on the last trading day of February ahead of the U.S. and Israel launching an offensive against Iran, an analyst told OPIS Sunday. Read More
Hormuz Shipping Risk Emerges as Main Market Threat After Iran Strikes: Analysts
The potential for maritime disruption in the Strait of Hormuz to trigger broad economic fallout across global trade networks is now the central focus for markets following Israeli and U.S. strikes on Iran, according to Abhi Rajendran, fellow at the Center for Energy Studies at Rice University's Baker Institute. Read More
Risk of Oil Supply Disruption ‘Significantly Heightened’ Following Strikes Against Iran: Lipow Oil Associates
Crude prices appear poised to jump when trading reopens Sunday evening after joint U.S. and Israel strikes against Iran, raising the risk of a broader supply shock in the Middle East, said Andy Lipow, President of Houston-based Lipow Oil Associates. Read More
Oil Prices Inch Higher After US and Israel Strike Iran
Oil prices were firmer early Saturday following reports that the US and Israel launched pre-emptive strikes against Iran, escalating tensions in the Middle East, according to the Wall Street Journal. Read More