Sunday Thematic & Weekly Recap

Looking for Clues: All Would Like A Recovery; Not Much Evidence
April 30, 2023
Commodities Mentioned:
Plastics, Ethylene, Propylene, Polyethylene, Polypropylene, Polyurethane, Polycarbonate, PVC, PET, Carbon Dioxide, Hydrogen, Natural Gas, NGL, Crude, Naphtha, Clean Energy Minerals, Methanol, Ammonia, Nuclear, Wind, Solar, Geothermal, Hydropower, Lithium, Copper, Nickel, Renewable Fuels/Polymers, Corn
Companies Mentioned:
Nutrien, CF Industries, LSB Industries, Methanex, Southern Chemical, OCI, TotalEnergies, Formosa Plastics, Dow, Ineos, Reliance, Evonik, AkzoNobel, Sherwin-Williams, Petronas, ADM, Bunge, Adama, Neo Performance Materials, NextChem, OQ Chemicals, Chemours, KBR, Syngenta, Biotalys, Vopak, Perstorp, Indorama, Nan Ya, Posco, Lynas, Mitsui, Covestro, RadiciGroup, NextEra, Stepan, Hexcel, Sipchem, Braskem, Gurit, Cleveland-Cliffs, Halliburton, Albemarle, Livent, Ganfeng Lithium, SQM, Freeport McMoRan, Celanese, BASF, Huntsman, Ascend, Sumitomo, 3M, Masco, Air Products, Drax, Novozymes, Zeon, Elementis, Symrise, Meghmani Finechem, Chambal Fertilisers, Nippon Gases, Enel, Trinseo, Sasol, Aekyung, HIF Global, GM, Hyundai, Samsung, Owens Corning, Enphase Energy, Hess, Lazard, ExxonMobil, Eastman, Mura Technologies, Lummus, Citroniq, Linde, Air Liquide, Nippon Sanso, Chart Industries, World Energy, BP, Tesla, Lucid, Rivian, Polestar, Corteva, Proman, LyondellBasell, Orbia, Shin-Etsu, Westlake, Olin, LG Chem, Nouryon, Shell, Asahi Kasei, Helmerich & Payne, Chemed, Element Solutions, Wacker, DuPont, PureCycle, Lanxess, Solvay, Chevron, Marathon Petroleum, TC Energy, Repsol, OMV, Borouge, Valero, Neste, Yara, Versalis, W.R. Grace, U.S. Steel, Umicore, NewMarket, Nobian, Nouyan, Sinopec, Messer, Worley, Xcel Energy, EQT, DTE Energy, World Fuel Services, Atul, Greenland Resources, Rio Tinto, Southwestern Energy, Energy Transfer

C-MACC Sunday Thematic & Weekly Recap 166

Looking for Clues: All Would Like A Recovery; Not Much Evidence

  • As quarterly reports come in, we see a wide range of expectations and better 1Q results that are almost entirely feedstock related rather than from demand.
  • Persistent demand weakness may define 2023, and we should not mistake some growth for the sufficient growth necessary to improve operating rates.
  • This is likely the first year of a multi-year downturn, and producers tend to “play nice” in the early days: aggressive market share battles come after prolonged pain.
  • We do not believe that the macro backdrop is there to support the kind of recovery that companies like Covestro expect – interest rates are a challenge.
  • Otherwise, we look at the high cost of corn and its role in renewable fuels, and materials – one of many reasons why energy transition could be very inflationary.

Last week we discussed 28 Chemicals and Related Products and 136 Companies.

See PDF below for all charts, tables and diagrams

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