The Weekly Catalyst
- US spot polyvinyl chloride (PVC) prices are lower YTD, while many peer polymers have risen amid outages. We think US PVC reflects less downside risk and more rebound potential than most peers.
- North American chemical producers enjoy a sizable cost advantage relative to Asia and NW Europe, however, we flag Crude and Ex-US naphtha strength relative to US natural gas and USGC ethane WoW.
- Global ammonia prices again declined WoW, despite crop market support implying strong farmer spending that is present in other crop input markets. We foresee an ammonia market bounce ahead.