Brent crude prices remained range-bound at ~$68–69/bbl, buoyed by U.S. inventory draws and trade optimism, while OPEC+ output and economic uncertainty capped gains. Henry Hub natural gas fell to $3.07/MMBtu, with futures down as well, though LNG exports continue to anchor demand. Rig counts dipped again, especially in oil, while gas rigs rose—highlighting the influence of export-driven gas strategies. Moderate oil prices have kept feedstock costs in check, but stagnant end-market demand in plastics, coatings, and construction continues to weigh on petrochemical margins.
Fertilizer prices remain firm due to strong global demand and reduced Russian exports, with projections for continued strength into late 2025. Sulfur supply is steady from refining operations, while SO₂ reduction mandates support catalyst demand, particularly for hydrodesulfurization and emission control technologies. The global catalyst market is poised for long-term growth, especially in hydrogen and renewable fuel applications. CJ Chemical is encouraged to secure contracts during this stable pricing window, monitor downstream utilization, and explore strategic opportunities in sulfur compliance and catalyst supply.
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