The Weekly Catalyst

Global Chemical Update – Margins Fall, Demand Lukewarm
June 5, 2023
Companies Mentioned:
Chevron Phillips Chemical, INEOS, Nova Chemicals, Formosa Plastics, LyondellBasell, Dow, ExxonMobil, Braskem, PPG, Celanese
Commodities Mentioned:
Report Sections:
Feedstocks & Energy, Global Ethylene Cracker, Spot Profit Analysis, Ethylene & Propylene, Price Trends, Polyethylene Review, Other Relevant Global Polymer Trends, Other Relevant Global Chemical Trends, Global Chemical Data Sheets, Flow Charts & Other Ancillary Data

The Weekly Catalyst

Global Chemical Update – Margins Fall, Demand Lukewarm

Key Points:

  • Global polymer prices declined further WoW, pushing integrated margins lower, and we expect the potential for further declines in late 2Q23 and into 2H23 as production improves more than demand.
  • We add two new sheets to our weekly product: a global polypropylene analysis and a global chlor-vinyl analysis. We favor Chlor-vinyls relative to most other polymer chains, though all face headwinds.
  • Global monomer prices also fell WoW, which could be a margin benefit for some non-integrated buyers with spot exposure. However, our demand indicators from most chains are lukewarm at best.


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