WTI crude jumped 13% in a single week, crossing above $100 per barrel for the first time since May. The trigger: rapidly escalating US-Iran military tensions and a surge in tanker attacks in the Strait of Hormuz.
But the crude spike doesn't affect every resin market the same way — and that distinction determines your entire September negotiating position.
In this episode, Michael Workman covers all nine major resin markets and explains the one number that most buyers don't know they need right now: the September benzene contract settled at $4.56–4.57 per gallon, down two cents from August. That's the documented current data point. Benzene spot is at $4.83 — elevated with crude — and spot levels set October contracts. If you're buying any benzene-linked material and haven't closed your September pricing conversation, this episode is the one to act on today.
What's covered:
- Polyethylene — Producers want 7–10¢/lb back after a 10-cent July decline. The Golden Triangle Polymers joint venture just started up a 1 million mt/yr HDPE unit in Orange, TX. New supply, unchanged ethylene feedstock. The case for the full increase isn't there.
- Polypropylene — No September increases. PGP below 40¢ and moving lower. LyondellBasell Lake Charles down 30 days. P66 Bayway offline. Both are real outages — neither has tightened the market enough to change the buyer's position.
- PVC — 2¢/lb push into ample inventory and a construction season that hasn't delivered the demand recovery producers needed. Hold firm.
- PET — No proposed increases. Post-bottle-season demand softening. Feedstocks ticking modestly higher. Gulf Coast hurricane exposure is the Q4 variable to watch.
- Polystyrene, ABS, PC, Nylon 66, Nylon 6 — The benzene contract is settled and in your favor for September. Act before October is negotiated at a different benzene level. For PA6 specifically: caprolactam fell more than $136 per metric ton this week while three producers are pushing 5–8¢ increases. Lead with that number.
Links mentioned:
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CHAPTER MARKERS
0:00 — Crude Above $100: What Happened and Why It Matters
2:35 — Two Markets, Two Action Plans
4:15 — Polyethylene: 7–10¢ Push Faces New Supply
5:40 — Polypropylene: No Increases, PGP Moving Lower
6:45 — PVC: 2¢ Proposed Into a Market That Isn't There
8:05 — PET: No Increases, Post-Season Softening, Hurricane Watch
9:30 — The Benzene Split: Contract vs. Spot — The Number That Sets Q4
10:20 — Polystyrene: September Manageable, Q4 at Risk
11:15 — ABS: Cost Floor Forming, Concession Window Still Open
12:05 — Polycarbonate: One Producer, No Allies, Contest It
13:00 — Nylon 66: BASF Alone at 8¢ — Use Producer Isolation
13:55 — Nylon 6: Three Producers Pushing While Caprolactam Falls $136/mt
14:50 — What September Decides for Q4
16:05 — MAPP September 29 — Come Find Us
SHOW NOTES
Episode recorded week of September 11, 2026.
Market data covered in this episode sourced from ResinSmart market intelligence. All domestic directional market calls confirmed by ResinSmart Senior Market Analyst prior to publication.
The key distinction this episode:
The September benzene contract ($4.56–4.57/gal) is already settled and governs your current pricing conversation. Benzene spot ($4.83) is what will govern October. These are two different numbers. Use the contract settlement now before the spot level becomes the most current data on the table.
Resin markets and September buyer positions at a glance:
Resin | Proposed | Increase | Buyer Position
PE | 7–10¢/lb | Push for concessions
PP | None | Lock in before outage narrative gains traction
PVC | 2¢/lb | Hold firm
PET | None | Negotiate open volume now
PS | ~3¢/lb (soft) | Close September this week
ABS | None | Capture concessions while demand is soft
PC | 10¢/lb (1 producer) | Contest — market structure is your defense
PA66 | 8¢/lb (BASF only) | Challenge — no broader participation
PA6 | 5–8¢/lb (3 producers) | Lead with caprolactam decline
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