Daily Chemical Reactions

Global Polymer Spreads Have Danced To More Normal Levels, Except Europe PVC, Where Ominous Music Plays
June 7, 2023
Commodities Mentioned:
Plastics (PVC, PP, PE, PU, PC, PET, etc.), Clean Energy Minerals, Carbon Dioxide, Hydrogen, Natural Gas/NGLs, Crude/Naphtha
Companies Mentioned:
Orbia, Oxy, Westlake, Shin-Etsu, Formosa Plastics, ExxonMobil, LyondellBasell, Braskem, Axens, BASF, Chemours, PPG, Ecolab, Solvay, Ineos, M. Holland, Febo, LG Energy Solution, Bloom Energy, TotalEnergies, Corbion, Shell, Ryze Hydrogen, Cheniere, Cenovous, SABIC, Orlen, Adani, Albemarle, Pembina Pipeline, Tigo Energy, Mitsubishi Gas Chemical, Ofgem, Brown-Forman, The Azek Company, Serta Simmons, Fisker

Daily Chemical Reaction

Global Polymer Spreads Have Danced To More Normal Levels, Except Europe PVC, Where Ominous Music Plays

Key Points:

  • Global polymer spreads have mostly returned to the 2014-2020 range, with an outlier being the NW Europe PVC price premium relative to the US – we expect it to remain wide into 2H23.
  • US PP prices of fallen relative to NW Europe and Asia levels during the past two years, and we foresee more abundant global PP keeping regional price differences in the 2014-2020 range.
  • We discuss the EIA short-term energy outlook expecting modestly higher US natural gas prices through 2024 and surging oil imports into China though it looks to be exporting imported LNG.
  • The USDA issued its U.S. National Clean Strategy & Roadmap, and we highlight and discuss multiple charts and findings from its research that we will follow with a more thorough analysis.
  • We discuss the decline in Chinese exports in May, the recent increase in the US trade deficit, greater German manufacturer input availability, and views on global consumer health.

See PDF below for all charts, tables and diagrams


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