The Weekly Catalyst

Global Chemical Update – Sweetness in Weakness
July 24, 2023
Companies Mentioned:
Chevron, ExxonMobil, OMV, Shell, LyondellBasell, Dow, Formosa plastics, Westlake, Oxy, CF Industries, Nutrien, Koch Fertilizer
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 – Sweetness in Weakness

Key Points:

  • Energy companies looking to push their value chains downstream into petrochemicals should view weak 2H23 chemical market conditions as more of an opportunity than a reason to look elsewhere.
  • North American integrated polymer margins have broadly fallen from their 1H23 highs amid higher production costs and lower prices – the US holds a production cost advantage over Europe and Asia.
  • US natural gas and USGC ethane prices increased WoW relative to Brent Crude and Ex-US naphtha, favoring a flatter petrochemical cost curve that benefits Europe and Asia producers more than the US.  

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