Sunday Thematic & Weekly Recap

Free Falling and Free Flowing – A Cyclical Low and A New Project
August 28, 2022
Commodities Mentioned:
PVC, Polypropylene, Polyethylene, Polyurethane, Polycarbonate, Polystyrene, PET, Clean Energy Minerals, Carbon Dioxide, Hydrogen, Natural Gas/NGLs, Crude/Naphtha, Ammonia, Carbon, Renewable Power, Hydro, Solar, Wind, LNG, RNG, Methane, Battery, Biofuels, Ethanol, Corn, Sugar Cane
Companies Mentioned:
Westlake, Oxy, Shin-Etsu, Orbia, Formosa Plastics, Olin, LyondellBasell, Braskem, Ineos, ExxonMobil, Pinnacle Polymers, BASF, OMV, Elkem, Petronas Chemicals Group, Mitsubishi Chemical, Sasol, Hextar, Henkel, Lenzing, Gurit, SK geocentric, SABIC, L&F, Tosoh, Asahi Kasei, MKS Instruments, Siegfried, Tellurian, Larsen & Toubro, Sealed Air, RPM, Black & Veatch, Covestro, Adani, CP Chemical, Navigator Holdings, Dow, Nova Chemicals, Enterprise Products, Nutrien, CF Industries, LSB Industries, Yara, Wanhua, Grupa Azoty, Atome, IMCD, S-Oil, DSM, Arxada, Siam Cement Group, PPG, Lummus Technology, Fujian Eversun, Worley, Brenntag, Eni, TotalEnergies, Denbury, Murphy Oil, ConocoPhillips, GreenGroup, Fluor, Capstone Green Energy, Birla Carbon, American Vanguard, Primoris Services, INPEX, Woodside, CATL, Shell, Toll Brothers, Advanced Auto Parts, Mitsui & Co., Archaea Energy, Summit Carbon Solutions, Navigator, Aker Carbon Capture, Talos Energy, NRG Energy, Rystad energy, Gevo, Altana, Pilbara Minerals, Ohmium, Lotte Chemical, Lotte Fine Chemical, Sumitomo Corp, BOC, Clariant, World Energy, EverWind, Linde, PKN Orlen, Sulzer, ABB, Chart Industries, Energy Transfer, Plug Power, Albemarle, PetroChina, Celanese, Wood Mackenzie, Callon, Novatek, Valero, Air Liquide, Bachem, Indorama, Lonza, Nabaltec, Posco Chemical, 1PointFive, Solenis, Cummins, Technip Energies, Agilyx, Amazon, BlackRock, FedEx, Panasonic

C-MACC Sunday Thematic & Weekly Recap 132

Free Falling and Free Flowing – A Cyclical Low and A New Project

  • Heading into a cyclical trough for chemicals and polymers, now in all regions, we think earnings warnings/revisions will keep cheap equities from a quick recovery.
  • The chemical industry has not seen a coordinated margin collapse in a very long time, and history may not provide good proxies for how capital markets react.  
  • Stocks look inexpensive for the most part, but heavy algorithmic trading will likely drive stocks lower as estimates come down through revisions or guidance.
  • On a positive note, C-MACC is venturing into physical assets with a proposed large hydropower project in Mississippi – initial details below – help wanted!
  • Otherwise, we discuss losses and investment in China, US economic indicators, recession signals, CCS, and why energy investment is not keeping up.

Last week we discussed 26 Chemicals and related products and 122 Companies.

See PDF below for all charts, tables and diagrams

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