Daily Chemical Reactions

Dangerously In Love: With Oil & Gas, Which Activists Hate, and Energy Transition, Which Investors Hate!
June 14, 2023
Commodities Mentioned:
Plastics (PVC, PP, PE, PU, PC, PET, etc.), Clean Energy Minerals, Carbon Dioxide, Hydrogen, Natural Gas/NGLs, Crude/Naphtha
Companies Mentioned:
Shell, ExxonMobil, BP, Enterprise Products, TotalEnergies, NextDecade, Bunge, Viterra, OMV, Parliament Solar, Cepsa, Yara, Potash Limited, Evonik, OQ Chemicals, Posco Holdings, Solvay, BASF, Maersk, PPG, Chandra Asri, SK Group, E3 Lithium, GFL Environmental, OPAL Fuels, Perstorp, Stellantis, Lhyfe, PolyJoule, SolarEdge, First Solar, Iberdrola, Kolibri Global Energy, Tesla, Toyota, NextChem, Bruker

Daily Chemical Reaction

Dangerously In Love: With Oil & Gas, Which Activists Hate, and Energy Transition, Which Investors Hate!

Key Points:

  • Shell upstream ambitions at its capital markets day met our expectations, but its downstream strategic review is too limited, and its clean product and solution push may face structural delays.
  • We discuss the IEA oil analysis and forecast through 2028, showing petrochemicals as a global demand driver, supporting the case for energy players to extend their value chains in this sector.
  • US propylene prices will face downward pressure in 2H23 as Enterprise starts its new PDH unit. We display global PDH margins to show the significant US premium relative to Europe and Asia.
  • Shell presents significant plans for its clean products, such as hydrogen, and solutions, such as EV charging and CCS, but green power development is critical to meeting its long-term ambitions.
  • US inflation is moderating, but its consumers continue to face considerable headwinds in some areas, such as in housing – we flag mortgage rates above 7% and fewer homes coming to market.

See PDF below for all charts, tables and diagrams


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