Sunday Thematic & Weekly Recap

The Outsiders Risking The Future Of Chemical Profitability
November 20, 2022
Commodities Mentioned:
Ammonia, Batteries, Biofuels, Canola, Carbon Dioxide, Clean Energy Minerals, Coal, Copper, Corn, Crude/Naphtha, EVs, Fertilizer, Gasoline, HDPE, Hydrogen, Lithium, Methanol, Natural Gas/NGLs, Nickel, Oxygen, Waste, Plastics (PVC, PP, PET, PU, PC, PS, PET), Plastic Waste, Recycled Plastic, Renewable Fuels, Renewable Power, RNG, SAF, Solar, Soy, Syngas
Companies Mentioned:
LyondellBasell, Dow, Westlake, Enterprise Products, Flint Hills, Nutrien, CF Industries, Shell, Freeport LNG, Braskem Idesa, Evonik, Orica, Albemarle, bp, PetroChina, Aramco, Covestro, Envision, GE, Pertamina, ExxonMobil, Wood, Nufarm, Chevron, Keppel, Kansai Paint, Nova Chemicals, Compass Minerals, LG Energy Solution, Tosoh, BASF, Highfield Resources, Equinor, KBR, Sulzer Chemtech, Toyo Engineering, Chlorum Solutions, Ecolab, Amazon, Navigator Holdings, Celanese, Excelerate Energy, TC Energy, Kaneka, Yara, SK Geocentric, Asahi Kasei, Kiri Industries, Galaxy Surfactants, Sudarshan Chemicals, KPI, Univation Technologies, Fortress, Cathay Industries, Venator, Unitika, Nippon Chemical Industrial, Fluor, Albemarle, Allkem, GS Caltex, Lonza, IMCD, Clean Energy Fuels, Neo Performance Materials, TotalEnergies, ReNew Power, KazMunayGas, Sinarmas Cepsa, INVISTA, Williams, Walmart, PureCycle Technologies, NET Power Oxy, DG Fuels, Archaea, Gevo, Tesla, Porsche, Ford, Huntsman, Lowe’s, Home Depot, Neste, Lummus Technology, Arkema, Indorama Ventures, CP Chemical, QatarEnergy, Chemours, OMV, Honeywell, Plastipak, S-Oil, Enviva, Enel, Ballard, First Solar, Petronas, AFYREN, Rompetrol, Neometals, Kiewit, Siemens Gamesa, Thyssenkrupp, Nippon Pigment, Energy Transfer, Formosa Plastics, LSB Industries, Grupa Azoty, Umicore, DCW, SQM, Livent, Lithium Americas, Ganfeng Lithium, Sumitomo Seika, BHP, Oz Minerals, Ovintiv, Siemens Energy, EVgo, Sears, Macy’s, Kohl’s, Pitney Bowes

C-MACC Sunday Thematic & Weekly Recap 144

The Outsiders Risking The Future Of Chemical Profitability

  • It is very unusual to see new petrochemical projects announced at the beginning of a cyclical low – last week, we saw two – both likely driven by unique factors.
  • Potential returns may not be attractive enough for incumbent chemical players, but they might be a better alternative for others – oil companies and mid-stream.
  • We discuss the record-high premiums paid for contract polyethylene in the US, versus spot prices and production costs, suggesting the situation is untenable.
  • Europe is likely to have a very volatile winter, regardless of whether or not there is enough natural gas – in the meantime, cutting operating rates will mean closures.
  • Otherwise, we look at water (again), industrial action, the alternatives for propylene supply in the US, the funding for Net-Zero, and the US housing market.

Last week we discussed 39 Chemicals and related products and 127 Companies.

See PDF below for all charts, tables and diagrams

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