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C-MACC Sunday Recap 49
Enough: Chemical Production May Have Caught Demand
- While some of the air is coming out of the pricing bubble, especially in Asia, it is hard not to be fascinated by the exceptional chemical and polymer demand rates, which continue, and are captured in secondary data, such as port utilization.
- The incentive to produce basic chemicals has finally resulted in a supply response that appears to have caught up with demand – in most cases, but operating rates are high and, unless we see a price collapse in the US, 1Q 2021 could be as good as 4Q 2020. Guidance in approaching earnings calls will be interesting.
- We would remind all that the macro environment changed dramatically during two earnings periods last year resulting in very different guidance from the later reporters versus those who reported earlier in the periods. Depending on the race between COVID infection and vaccination outlook tone could vary based on timing.
Last week we discussed 32 Chemical and related products and 107 Companies.
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