The Weekly Catalyst

Global Chemical Update – Sad But Likely True
April 10, 2023
Report Sections:
Feedstocks & Energy, Global Ethylene Cracker, Spot Profit Analysis, Ethylene & Propylene, Price Trends, Polyethylene Review, Other Relevant Global Polymer Trends, Other Relevant Global Chemical Trends, Global Chemical Data Sheets, Flow Charts & Other Ancillary Data
Companies Mentioned:
Shell, ExxonMobil, CP Chemical, LyondellBasell, Dow, Nova Chemicals, PPG, Asian Paints, RPM, Sherwin-Williams, Axalta, Enterprise Products, Invista, Methanex, Natgasoline, Mitsui, Celanese

The Weekly Catalyst

Global Chemical Update – Sad But Likely True

Key Points:

  • North American petrochemical products, on average, reflect QoQ margin improvement in 1Q23, but increasing production and squishy demand suggest lower margins for most in 2Q23 relative to its start.
  • Asia and NW European chemical producers saw cost pressure WoW relative to North America. We flag the WoW uptick in Brent Crude and Ex-US naphtha compared to US natural gas and USGC ethane.
  • We discuss the sizable decline in US propylene prices WoW, pinching PDH margins, and suggesting weakness in polypropylene prices ahead. We also flag rising Asia methanol prices relative to US levels.

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