The Weekly Catalyst

Global Chemical Update – Falling Down
August 29, 2022
Companies Mentioned:
ExxonMobil, CP Chemical, LyondellBasell, Dow, Nova Chemicals, Westlake, Nutrien, CF Industries, LSB Industries, ADM, The Andersons
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 – Falling Down

Key Points:

  • Global polymer prices have fallen more than integrated production costs in 3Q driving sizable production margin declines, especially in the US, which has seen the most YoY margin compression.
  • Brent Crude and Ex-US naphtha increased relative to US natural gas and USGC ethane WoW, suggesting a slight steepening of the global chemical cost curve, but it remains significantly flatter YoY.
  •  US and NW Europe benzene values fell significantly again WoW relative to Asia. We also highlight downward pressure on US methanol spot values relative to NW Europe and Asia.
  • US ethanol margins fell WoW, as corn prices rose more than ethanol prices, and US ethanol now reflects a slight premium to RBOB gasoline. Global ammonia prices were also mostly unchanged WoW.

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