Japan Petrochemicals: April Prices Skewed Upward
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Persistent geopolitical tensions in the Middle East continue to push crude oil prices higher, driving a widespread increase in petrochemical product prices. During the week ending April 3, 2026, prices rose for 13 out of 21 tracked petrochemical products, remained flat for five, and declined for only three. Dubai crude oil increased 1.6% week-over-week to $100.4 per barrel, while Singapore naphtha rose 1.9%.
Most monomer prices moved higher, with acetone surging 15.0% for a second consecutive week of double-digit gains. Polymer prices saw broad-based advances, led by low-density polyethylene, which jumped 13.9%. Price spreads improved across the board, notably with ethylene cracking spreads widening by $14 to $90 per ton.
Polymer spreads also demonstrated significant strength. The low-density polyethylene spread expanded by $205, while polystyrene and acrylonitrile butadiene styrene spreads widened by $131 and $143, respectively. Natural gas prices declined 9.5% week-over-week, while methanol gained 5.3%. Fiber intermediates showed mixed results, as paraxylene and purified terephthalic acid posted modest declines, while ethylene glycol and caprolactam increased. Based on these improving margins and pricing power, Morgan Stanley maintains its Attractive rating on the Japanese petrochemical sector. The firm notes that the duration of Middle East tensions will remain the primary driver of future price movements.