Sunday Thematic & Weekly Recap

Could Dow Be Right?  If So How Do We Square The Macro Data?
July 24, 2022
Commodities Mentioned:
PVC, Polypropylene, Polyethylene, Polyurethane, Polycarbonate, Polystyrene, PET, Clean Energy Minerals, Carbon Dioxide, Hydrogen, Natural Gas/NGLs, Crude/Naphtha, Metals, Oil, Renewable Natural Gas, Solar, Wind, Fossil Fuel, SAF, Aluminum, Batteries, EVs, Copper, Nickel, Lithium, Graphite, Cobalt, Rare Earths, MDI, Hydrocarbons, Ethylene, Polyolefins, Methanol
Companies Mentioned:
Dow, LyondellBasell, ExxonMobil, CP Chemical, Westlake, Shin-Etsu, Occidental, Formosa Plastics, Olin, Orbia, Braskem,, TotalEnergies, Pinnacle Polymers, Ineos, Heartland Polymers, BASF, Yara, Solvay, Ashland, Alpek, Indorama, FENC, Atotech, Chemanol, Johnson Matthey, Meghmani Finechem, Lummus Technology, Adnoc, Sabic, Air Liquide, Elkem, Shell, Tokuyama, Mitsubishi Gas Chemical, Monolith, Röhm, Novozymes, BHP, Neste, Suncor, Azelis, Petrobras, Synthesia Technology, Repsol, Navantia, Cargill, Continental Grain, Halliburton, Oneok, Nutrien, Corteva, CF Industries, ICL, AkzoNobel, Sherwin-Williams, PPG, Toda Kogyo, DCM Shriram, Lynas, AmeriWater, Nouryon, Manali Petrochemicals, Ginkgo Bioworks, Sumitomo Chemical, ConocoPhillips, Devon Energy, Pioneer Nat. Resources, Myers Industries, Caudill Seed Company, Capstone Green Energy, Cheniere, PetroChina, Origin Materials, J.B. Hunt, Hasbro, Perstorp, Unilever, Cepsa, Vanguard Renewables, Cal-Maine Foods, Airbus, Iberdrola, Vestas, OMV, BP, ENI, Tullow Oil, Gevo, Freeport McMoRan, Consumers, Hexion, VW, Redwood, Baystar Polymers, Borealis, Nova Chemicals, Baker Hughes, Afton Chemical, Alcoa, Rio Tinto, Eastman Chemical, Givaudan, Linde, Posco Chemical, ADM, Farmers Business Network, Mura Technology, Valoregen, Nexus Circular, Bloom Energy, Avangrid, Technip Energies, LG Chem, Genomatica, Chevron Phillips Chemical, PKN Orlen, Sika, Sensient Technologies, Schlumberger, Woodside Energy, DuPont, Compass Minerals, Uniper, Denbury, Vattenfall, Cleveland-Cliffs, Nucor, Lonza, Aramco, WeylChem, EQT, Nexus, Trinseo, Novelis, Vale, American Express, Kinder Morgan, Blackstone, CSX

C-MACC Sunday Thematic & Weekly Recap 127

Could Dow Be Right?  If So How Do We Square The Macro Data?

  • Dow’s more (but not very) conservative guidance is at odds with the macro data, especially recent global consumer confidence reports – can both be right?  
  • Dow’s focus on consumable markets offers the company a significant cushion versus those with more durable focused portfolios – food sales should not slow
  • While consumer confidence is falling, US consumer spending remains resilient – the level of interest rates is likely more important than the rate of change  
  • Supply chains are improving and while some still have some issues, the easing of trade impediments may make it worse for some US and European producers
  • Otherwise, we look at the ineffectiveness of ESG investing in encouraging change, more concerning macro data, and US natural gas supply.  

Last week we discussed 33 Chemicals and related products and 139 Companies.

See PDF below for all charts, tables and diagrams

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