The Weekly Catalyst
- Global commodity chemical prices reflected strength WoW, a positive for North American producer profit relative to Asia and Europe. Non-integrated specialty producers face 3Q cost pressure globally.
- We are more constructive of fertilizer and agricultural chemical value support in 4Q23 than the broader global commodity market, partly due to our fewer concerns with the global farm economy.
- Global chemical feedstock values declined on average WoW, with USGC ethane falling more than Ex-US naphtha and Brent Crude, mostly mirroring the WoW percentage drop in US natural gas.