Why are Organic Chemicals prices diverging when global capacity looks oversupplied?

Why are Organic Chemicals prices diverging when global capacity looks oversupplied?
Total capacity surplus does not guarantee deliverable supply. Middle East shipping disruption cut imports of methanol and MEG, where import dependence runs high, while inventories sat at extreme lows. That combination amplified price elasticity far beyond the crude cost pass-through. Ethylene glycol and methanol led gains, yet other Organic Chemicals barely moved. The market is shifting from broad cost-driven rallies into a phase where product-level fundamentals decide direction. Stable supply recovery and downstream acceptance of higher prices will determine how long this divergence lasts.