The Weekly Catalyst
Global Chemical Update – Waiting To Exhale
Key Points:
- The European petrochemical industry is most at risk of further shutdown from North American competition – the production cost curve supports this move, and producers are now taking action.
- Brent Crude values fell WoW but not as much as US natural gas, pushing the oil-to-gas ratio to a multi-year high and most petrochemical indicators in favor of a revival in North American production.
- Global spot polymer prices, on average, WoW were marginally higher. However, we find strength in the US relative to Asia and Europe, suggesting US production rates remain below sub-optimal levels.
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