The Weekly Catalyst

Global Chemical Update – The Fighting Temptations

August 1, 2022

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

Companies Mentioned:
Covestro, Huntsman, PPG, AkzoNobel, Sherwin-Williams, LyondellBasell, Dow, BASF, Formosa Plastics, Nova Chemicals, Enterprise Products, Nutrien, CF Industries, LSB Industries

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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