Daily Chemical Reactions

Risky Business – Manufacturer Job Losses In Europe Could Outpace Energy Transition Job Gains
December 6, 2022
Commodities Mentioned:
Plastics (PVC, PP, PE, PU, PC, PET, etc.), Clean Energy Minerals, Carbon Dioxide, Hydrogen, Natural Gas/NGLs, Crude/Naphtha
Companies Mentioned:
BASF, JohnsonMatthey, Air Liquide, Umicore, Axalta, ExxonMobil, LyondellBasell, Braskem, Pinnacle Polymers, Ineos, TotalEnergies, Enbridge, Trafigura, Summit Midstream, Fertoz, Versalis, Lotte Chemical, Givaudan, Dow, Nouryon, Azelis, Santos, Chemours, BP, Gevo, Cespa, Pertamina, Covestro, Ford, KLM, KBR, Nikola, Orsted, Walmart, Gap

Daily Chemical Reaction

Risky Business – Manufacturer Job Losses In Europe Could Outpace Energy Transition Job Gains

Key Points:

  • The European chemical industry faces near-to-medium-term cost and demand challenges that could cut its manufacturing base more than its energy transition gains.
  • NW European (and Asia) natural gas prices have increased considerably relative to US levels compared to their 4Q22 lows – a plus for North American chemical producers.
  • We highlight NW Europe polymer and ethylene profit trends relative to US and Asia and note the different responses to profit losses from Asian and European producers.
  • We discuss the challenges posed by Scope 1+2 emissions tied to energy & associated sector production that are easier to tackle relative to downstream scope 3 emissions.
  • Global container freight rates, on average, continue to trend toward 2019 levels, with Europe freight rates to the US holding up relative to most other routes from YTD highs.

See PDF below for all charts, tables and diagrams

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