Group 1 - The global butadiene market outlook for the second half of 2025 is pessimistic due to increased supply pressures from refinery maintenance season ending and new plant startups [1] - Asian butadiene prices remain high, prompting traders to seek export opportunities from Europe and the US to Asia, despite a decline in global butadiene prices this year [1] - The restart of butadiene facilities by TotalEnergies and Dow Chemical in Europe has further increased supply, facilitating exports [1] Group 2 - The price spread between butadiene and naphtha in Asia is expected to narrow, with estimates suggesting a decrease from $641.17/ton in the first half of 2025 to around $400/ton in the second half [2] - US butadiene supply is projected to gradually increase after the refinery maintenance season, with expectations of at least two shipments arriving each quarter for the remainder of the year [2] - The US butadiene export opportunities are limited due to low overseas prices and trade tensions, with a need for US prices to drop below $0.30/lb to stimulate exports [2]