The Weekly Catalyst

Global Chemical Update – Stuck on You
April 24, 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:
Nutrien, CF Industries, LSB Industries, Methanex, Southern Chemical, OCI, TotalEnergies, Formosa Plastics

The Weekly Catalyst

Global Chemical Update – Stuck on You

Key Points:

  • North American ammonia and methanol margins have contracted YTD, putting downward pressure on producer equities, though we see the medium-term potential for much tighter markets for both.
  • The global chemical production cost curve shifted WoW favoring European and Asia producers, as crude oil prices fell relative to North American natural gas, likely emboldening some Asian startups.
  • Global polymer prices, on average, fell WoW, led by declines in Asia, a headwind for North American export price support, and adding to our 2Q23 concerns that domestic margins will fall relative to 1Q.

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