Daily Chemical Reaction
Breaking Bad – 2H22 Chemical Sector Profit Views Poised To Tumble, Agriculture Sector Ready To Rumble
Key Points:
- Eastman cuts its 3Q22 EPS target to a level 20% below the consensus view – we flag our research, Too Drunk To Drive – 2H22 Consensus Views Lag Reality, Opportunities To Emerge As They Sober Up, anticipating sizable sector profit estimate cuts in 2H22.
- Western market consumer price inflation estimates for full-year 2022 have surged YTD to show notably more inflation than Asia – a major concern for Western producers.
- We highlight market factors supporting tight corn and soybean markets and discuss why we continue to view profit conditions as favorable for US fertilizer producers.
- Recycled PET prices are trending higher relative to virgin PET prices, putting packager resin sourcing ambitions to the test. We also highlight growing SAF market news.
- We struggle to see a viable energy plan for Europe that does not include an expansion of its nuclear base and highlight a few relevant power market trends in the region.
See PDF below for all charts, tables and diagrams
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