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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