Sunday Thematic & Weekly Recap

A Game of Two Halves – It Is Now Time To Play Offense!
November 27, 2022
Commodities Mentioned:
Plastics, PVC, PP, PE, PU, PC, PS, PET, Minerals, Carbon Dioxide, Hydrogen, Natural Gas/NGLs, Crude/Naphtha, Batteries, Renewable Electric Power, Recycled Plastics, EVs, Ammonia, Biofuels
Companies Mentioned:
Dow, LyondellBasell, ExxonMobil, Formosa Plastics, CP Chemical, Shell, Nova Chemicals, Flint Hills, Enterprise Products, Nutrien, CF Industries, LSB Industries, Braskem, InterPipeline, Pinnacle Polymers, BASF, UPL, Bunge, Livent, Mura Technology, Grupa Azoty, IMCD, Borealis, Arkema, LG Chem, Posco, Jera, Petronas, TotalEnergies, Air Liquide, Chandra Asri, Borouge, Neste, BP, Milliken, MEGlobal, SK Energy, KBR, Resilux Group, Trinseo, Amcor, SK Innovations, Plastic Energy, Gulf Coast Sequestration, Sinopec, Air Products, Linde, New Fortress, Trafigura, Agilyx, Technip Energies, Kumho Petrochemical, Johnson Matthey, American Vanguard, BKV, Devon Energy, Solvay, Deere, Baker Hughes, INEOS, Stecco Petrochemical, Syzygy, Vestas, Siemens Gamesa, Cemex, Larsen & Toubro, ConocoPhillips, Sempra, Rio Tinto, Michelin, Pyrowave, Alterra Energy, Berry Global, Röhm, EMS Group, McKinsey, Climeworks, PureCycle, Occidental

C-MACC Sunday Thematic & Weekly Recap 145

A Game of Two Halves – It Is Now Time To Play Offense!

  • As worsening business conditions into yearend lower 2023 outlooks, we think money will be made by those making consolidation moves versus those who hide.
  • Almost no one has a worrying balance sheet among the large materials companies, and those who choose to acquire or merge will likely drive growth.
  • The US is heading into its weakest period of chemical profitability since the shale wave began – local oversupply is upsetting the competitive advantage dynamic.
  • As OPEC manages oil prices, US oil production should rise, eventually helping natural gas prices, but ensuring plenty of NGL supply to support ethylene growth.
  • Otherwise, we look at more problems for Europe, inflation or deflation in 2023, cost curves in energy transition, the strong farm economy, and a weak China.

Last week we discussed 21 Chemicals and related products and 81 Companies.

See PDF below for all charts, tables and diagrams

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