The Weekly Catalyst
Global Chemical Update – Settling Down
Key Points:
- 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.
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