Sunday Thematic & Weekly Recap

The Recession Deniers – Is It Different This Time – Who Wins?
July 31, 2022
Commodities Mentioned:
PVC, Polypropylene, Polyethylene, Polyurethane, Polycarbonate, Polystyrene, PET, Clean Energy, Minerals, Carbon Dioxide, Hydrogen, Natural Gas, NGLs, Crude, Naphtha, Nuclear Power, Wind, Solar, Ammonia, Coal, Metals, Biomass, Fossil Fuel, Uranium, Oil, Styrene, Battery, RNG, Water
Companies Mentioned:
Nova Chemicals, Enterprise Products, Dow, LyondellBasell, Braskem, Ineos, ExxonMobil, Formosa Plastics, Pinnacle Polymers, Nutrien, CF Industries, LSB Industries, Avient, ADM, Ecolab, Henkel, Westlake, Bunge, Corteva, RPM, Asian Paints, Itero, Wacker Chemie, Solvay, OCI, SK Innovation, Veolia, Navin Fluorine, Origin Materials, Hexcel, Trinseo, Air Products, Johnson Matthey, Lotte Chemical, Itochu, SRF, BHP, Reliance Industries, Redwood Materials, Whirlpool, Shell, Livent, Mosaic, Yara, Axalta, BASF, The Andersons, Farmland Partners, Sherwin-Williams, AkzoNobel, PPG, ICL, Albemarle, Hess, NextEra, 3M, Unigel, Black & Veatch, LG Chem, LG Energy, Gevo, Ingevity, Owens Corning, Trinity Industries, Equinor, Iberdrola, JERA, Uniper, Rio Tinto, Denbury, Brookfield Business Partner, Terra Power, NuScale, Fluor, Mura Technology, Valoregen, Nexus Circular, Blackrock, Shin-Etsu Chemical, Orbia, Olin, Sinopec, Ashland, Valero, TotalEnergies, Silgan, Methanex, Pilbara Minerals, Siam Cement Group, Stepan, S-Oil, Tokuyama, Posco Chemical, Mitsubishi Chemical, Archaea Energy, Sekisui Chemical, Sunnova, Eastman, Borealis, Celanese, Phillips 66, Chevron, Air Liquide, Linde, Arkema, Coromandel Int., Nippon Sanso, Tronox, Venator, Cariflex, Zeon, Chemours, Sibur, Honeywell, EQT, World Fuel Services, PetroChina, Wanhua Chemical, Milliken, Croda, Procter & Gamble, US Steel, Spearmint Energy

C-MACC Sunday Thematic & Weekly Recap 128

The Recession Deniers – Is It Different This Time – Who Wins?

  • Those scrambling to support the case that the US is not in a recession are missing the point – a spending slowdown is happening, and 1H22 will not be the “worst”.
  • Still, we find pockets of extreme strength and related investment opportunities – agriculture and some energy transition sectors top our list.
  • The wind and solar sector reaction to a favorable US climate bill will only persist if a raw material shortage and continued margin squeeze can be avoided.
  • Energy remains uncertain, as a recession will curb oil demand, while European issues could support natural gas for years – a negative set-up for US chemicals.
  • Otherwise, we discuss the drivers of 2Q earnings and what is driving 2H 2022 guidance – we evaluate more macro data and options for oil and gas companies.

Last week we discussed 27 Chemicals and related products and 123 Companies.

See PDF below for all charts, tables and diagrams

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