The Weekly Catalyst

Global Chemical Update – The Fighting Temptations
August 1, 2022
Companies Mentioned:
Covestro, Huntsman, PPG, AkzoNobel, Sherwin-Williams, LyondellBasell, Dow, BASF, Formosa Plastics, Nova Chemicals, Enterprise Products, Nutrien, CF Industries, LSB Industries
Commodities Mentioned:
Report Sections:
Feedstocks & Energy, Global Ethylene Cracker, Spot Profit Analysis, Ethylene & Propylene, Price Trends, Polyethylene Review, Other Relevant Global Polymer Trends, Other Relevant Global Chemical Trends, Global Chemical Data Sheets, Flow Charts & Other Ancillary Data

The Weekly Catalyst

Global Chemical Update – The Fighting Temptations

Key Points:

  • Global chemical sector profit outlooks for 2H22 are trending increasingly negative. We add to our general market views and discuss why the profit outlook downgrade from Covestro is worth notice.
  • USGC ethane values decreased relative to Ex-US naphtha values WoW, modestly steepening the global ethylene cost curve at the feedstock level. US natural gas also fell compared to Brent Crude.
  • US spot benzene values fell WoW relative to US spot propylene and ethylene values, with all three reflecting MoM declines. Global polymer values face downward pressure relative to feedstocks.
  • Macro indicators for farm-input sellers improved WoW. Corn, soybean, and canola prices leaped higher WoW, with US corn prices rising more than soy, and UA fertilizer prices on avg. also increased.

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