Sunday Thematic & Weekly Recap

Premature Enthusiasm: China’s Economy May Not Balloon in ‘23
February 5, 2023
Commodities Mentioned:
Plastics, PVC, Polyethylene, Polypropylene, PU, PC, PET, Critical Minerals, Carbon Dioxide, Hydrogen, Natural Gas/NGLs, Crude/Naphtha, Lithium, Wind, Solar, Hydropower, Nuclear, Biofuels, Biogas,
Companies Mentioned:
Covestro, Huntsman, Trinseo, Westlake, Olin, Shin-Etsu, Ineos, Kem One, Oxy, Orbia, Formosa Plastics, ExxonMobil, Phillips 66, LyondellBasell, Braskem, BP, Kirby Corporation, Petronas, Mitsubishi, Origin Materials, Saint-Gobain, Johnson Matthey, Plug Power, Sekisui Chemical, Linde, BHP, Synthomer, Li-Cycle, Albemarle, Posco Chemical, LG Chem, Zeon, Sumitomo Chemical, Tokuyama, Harima Chemicals, Evonik, Grupa Azoty, Ube, Indorama, Whirlpool, UPS, Enterprise Products, Invista, Pinnacle Polymers, Eastman, Sadara Chemical, Solvay, Symrise, Domo Chemicals, Borealis, GrafTech, Indian Oil, Toray, Elkem, Worley, MOL, Shell, Chevron, Valero, Darling Ingredients, NuStar Energy, EDF Renewables, Aker Carbon Capture, R.E. Carroll, The Shaw Group, TC Energy, OCI NV, Eni, OMV, TotalEnergies, CNOOC, Aramco, Sinopec, Sasol, Pioneer, Diamondback, Endeavor, EOG, NextEra, Imperial Oil, Dow, Hengli, Form Energy, GM, Tesla, Issaquena Green Power, Corteva, Nutrien, CF Industries, Borouge, Ashland, Air Liquide, Berry, Daicel, Panasonic, Honeywell, Rayonier Advanced Materials, Repsol, Air Products, Nouryon, Alpla, OQ Polymers, Sealed Air, Emerson, Capstone Green Energy, Umicore, Avery Dennison, FedEx, CNH, Methanex, Greenko, Hyphen Hydrogen, Tosoh, Mitsui Chemicals, Arakawa Chemical, Infinium, Röhm, Siemens Energy, ConocoPhillips, IFF, Qatar Energy, PTTGC, Hikal, 3M, Moog, Gorman-Rupp, Deepak, PhosAgro, Iberdrola, Adani, The Toro Company

C-MACC Sunday Thematic & Weekly Recap 154

Premature Enthusiasm: China’s Economy May Not Balloon in ‘23

  • We recently noted a more upbeat tone in 2023 expectations, including a revised upward forecast from the IMF – we believe it is too soon to declare victory.
  • Lower energy prices could reverse quickly for a host of reasons – and the more positive demand expectations are too dependent on all going right in China.   
  • We argue that geopolitics are deteriorating – whether it is Russia, China invading US airspace, or just the unhappiness with the inequality of climate change policy.
  • Earnings reports suggest cutback operations in chemicals while the oil companies work out where to spend their money – possibly on chemicals.
  • Otherwise, we evaluate the earnings from LyondellBasell’s refinery in the context of its carbon footprint and argue that a shutdown may be premature.

Last week we discussed 22 Chemicals and Related Products and 131 Companies.

See PDF below for all charts, tables and diagrams

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