The Weekly Catalyst
- Global commodity chemical prices declined WoW, with the most significant price and feedstock price declines occurring in the US. Our global supply concerns remain much lower than demand.
- North American chemical producers enjoy a sizable cost advantage relative to Asia and NW Europe. We flag the WoW drop in US natural gas and USGC ethane relative to Brent Crude and Ex-US naphtha.
- Though the global market setting is not overwhelmingly positive, on the whole, we are more optimistic about industrial gas and specialty chemical fundamentals than commodities near term.