Daily Chemical Reaction
From Station To Station – Do You Want One Part Of The Journey Or To Take Integration To The End Of The Line?
- The Shell 4Q22 business update, similar to the one from ExxonMobil, shows much weaker chemical than profit upstream but depicts significant integration benefits.
- We discuss significant oil and gas sector cashflows in 2022 amid elevated global energy prices but relatively limited growth Capex, and flag movements in global gas prices.
- We discuss Shell commentary on its chemicals business in 4Q22, which includes costs from its new PA facility, and North American chemical rail trends are not encouraging.
- US Democrats are pushing hard for US government clean energy funding, but most carbon emitters are in Republican areas, and notable conflicts and delays may arise.
- US warehouse utilization rates are falling amid concerns about product demand, and we discuss the latest US jobs report, wage growth, and global food inflation trends.
See PDF below for all charts, tables and diagrams