Commodities Mentioned:
Plastics, PVC, Polyethylene, Polypropylene, PU, PC, PET, Critical Minerals, Carbon Dioxide, Hydrogen, Natural Gas/NGLs, Crude/Naphtha, Ammonia, Methanol, Urea, UAN, Lithium, Methane, Nuclear Power
Companies Mentioned:
Dow, LyondellBasell, Ineos, Westlake, Oxy, BASF, CF Industries, Enterprise Products, Nova Chemicals, Olin, PPG, Hanwha Solutions, Celanese, Air Liquide, Lapis Energy, Shell, Johnson Matthey, BP, Williams, Honeywell, Idemitsu, Arkema, Siegfried, Element Solutions, Advanced Petrochemical, PetroChina, Rio Tinto, Tellurian, Freeport LNG, Asian Paints, Givaudan, Alcoa, Huntsman, Toray, Origin Materials, Avangrid, Avantium, LSB Industries, Cepsa, Brenntag, Sasol, Topsoe, Cummins, Arcadia, Home Depot, Walmart, RWE, Yara, Nutrien, OCI, Mosaic, Deere, AGCO, CNH, ExxonMobil, Linde, Phillips 66, Chevron, TravelCenters of America, Tesla, CATL, Cheniere, Albemarle, TotalEnergies, Covestro, Solvay, SK Materials, Sinopec, Worley, Mitsubishi Chemical, Anglo American, Capstone Green Energy, Aqualung, Denbury, Orbia, Marathon Oil, Mura Technology, Formosa Plastics, Chemtrade Logistics, Technip FMC, Uniper, Eni, Eastman, Fisker, Valmont, Farmland Partners, Lucid, Masonite, Wood Group, Dollar General, Greenworks, Sunnova, Blackstone, Mitsui, Pembina Pipeline, ABB, Versalis, Univar, UPL, QatarEnergy, Evonik, Roquette, ADNOC, Oceaneering, Southwestern Energy, Trinseo, Alliant Energy, Edison International, Holly Energy, Evergy, Loop Energy, Engie, Beacon, Carvana, Boeing, Nikola, Lordstown Motors, Nissan, Tata Steel, TSMC, Redfin
C-MACC Sunday Thematic & Weekly Recap 157
GOOOAAAAL! INEOS Scores Again – Thanks For The Validation
- Our theme around the possible need for backward integration for all basic chemical producers as energy transition evolves was validated by INEOS this week.
- INEOS is buying inputs for its US and European ethylene plants and natural gas for its LNG agreement with Sempra – we might see the company buy more.
- Ethylene likely won’t be driven by cost curves based on market-priced inputs in 10 years – hydrocarbon integration economics will drive investment and success.
- We look at more results – weak and getting weaker in Europe for traditional chemicals but strong and getting stronger when supplying energy transition.
- We also look at recent auto data and maintain our view that this is likely to be a bad year for automakers getting worse as the year progresses.
We are 8 days away from the start of CERA week in Houston (happy to meet up with anyone attending).
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