The supplies in the U.S. market were adequate and phenolic resin producers continued to produce product and did not experience major shutdowns for maintenance during December of xxxx.
Feedstock phenol prices continued their downward trend, declining for the last fourth consecutive month. In December xxxx, phenol prices fell more than xx because the price of crude oil also declined, making it less expensive for the phenolic resin producers to produce their product. The price of formaldehyde has also fallen, therefore continually reducing the total production costs associated with making phenolic resin, and limiting any upward pricing support for the phenolic resin producers.
Upstream crude oil markets provided little relief. Global crude oil prices fell nearly xxx in xxxx as oversupply concerns and slowing demand outweighed geopolitical risks. Higher output from OPEC+ and non-OPEC producers, combined with...
