During the second quarter of 2010, petrochemical markets exhibited signs of demand stabilization and price easing, despite the tragic oil spill in the Gulf of Mexico. Major macroeconomic drivers—crude oil and natural gas prices—remained relatively steady in magnitude while oscillating during the quarter. But most commodity chemicals and plastics succumbed to price softening last quarter in North America and Asia. Conversely, Europe still struggled with ongoing tight supply conditions and high prices from petrochemical producers throughout the second quarter. The only major chemical subcategories that maintained higher prices on a global basis were rubber-based raw materials. Nevertheless, downstream processing industries flourished last quarter, as optimism began to evolve into more tangible signs of recovery in business activity.