Daily Chemical Reaction
- Signs of a more aggressive global slowdown are everywhere – from weak crude oil demand to a drop in global confidence/output, despite lower natural gas prices. Is Germany contagious?
- We note the lifeline thrown to the LyondellBasell refinery and look at this in the context of the “anti-woke” movement, note Chevron and ExxonMobil annual meetings – enter the litigators?
- The restart of the new Shell polyethylene complex in the US could not come at a worse time, given depressed domestic and export demand – we still believe Shell will sell this business.
- Renewable power ambitions for 2023/2024 are likely unachievable given supply constraints and higher costs, except in China, which could surprise to the upside – likely not a good thing.
See PDF below for all charts, tables and diagrams