Sunday Thematic & Weekly Recap

With A Little Help From… OPEC+ Drove Sector Performance in Q3
October 1, 2023
Commodities Mentioned:
Plastics, PVC, Polyethylene, Polypropylene, PU, PC, PET, Critical Minerals, Carbon Dioxide, Hydrogen, Natural Gas/NGLs, Crude/Naphtha, Benzene, Propylene, ABS, Batteries, Solar, Wind, Copper, Lithium
Companies Mentioned:
Dow, LyondellBasell, ExxonMobil, Westlake, Nova Chemicals, Nutrien, CF Industries, LSB Industries, Covestro, Axalta, PPG, Braskem, Petronas, Indorama Ventures, Shell, QatarEnergy, Lego, Ford, Marubeni, REC, Stellantis, Aramco, Toray, Mitsui O.S.K Lines, Idemitsu Kosan, Evonik, Maire Tecnimont, Macquarie, Bayer, SK Ecoplant, Honeywell, ZEMBA RfP, Enbridge, Glencore, BASF, Galp, Impact Coatings, Univar Solutions, Safic-Alcan, Lanxess, Orlen, Li-Cycle, EDF Renewables, Seoul Semiconductor, Carbon Streaming, Energy Transfer, Crestwood, Enterprise Products, Huntsman, Arkema, Wanhua, DuPont, Devon Energy, BP, SABIC, Brenntag, Itochu, Wacker, Brazil Potash, Minbos Resources, Pertamina, Lukoil, SK Energy, Worley, Opal Fuels, TotalEnergies, RWE, Cleveland-Cliffs, Hithium, Soluna Holdings, Nel Hydrogen, Smiths Group, Sipchem, Samsung, H.B. Fuller, Sinopec, Tecnicas Reunidas, Avangrid, Celanese, Mitsui, Harima, Neste, Allkem, Stratasys, SK Chemicals, Arclin, Belle Chemical, Borealis, EnerSys, ABTC, Samsung Engineering, Sepion Technologies, Anaergia, Saint-Gobain, Pactiv Evergreen, Albemarle, Caterpillar, Loop Energy, Corteva, Shawkwei & Partner, Oxy, Chevron, BYD, Amazon, SQM, Livent, Solvay, Ineos, Eastman, Syngenta, Nufarm, ADM, Bartek, LG Chem, ZeroAvia, Hy Stor Energy, Fortescue, Pemex, New Fortress Energy, TechnipFMC, Petrobras, Air Liquide, Trillium, Sigma Lithium, Ginkgo Bioworks, Autel Energy, Spruce Power, Perma-Pipe, The Azek Company

C-MACC Sunday Thematic & Weekly Recap 188

With A Little Help From… OPEC+ Drove Sector Performance in Q3

  • Higher commodity prices drove the outperformance of the energy sector in 3Q23 – a headache for ESG funds, which mostly underperformed during the period.
  • It is hard to find something to recommend for Q4, but both the Industrial Gas group and the Water sector likely offer stability in the midst of uncertainty.  
  • Minerals had another negative month, mostly lithium and nickel, and extended weakness could limit near-term investment, driving longer-term problems.
  • Chemical prices are rising globally, but this is a reaction to higher costs outside the US and the Middle East. Oversupply will likely prevent global margin expansion.  
  • Otherwise, we look at why things are slowing for transition even as the urgency seems higher, and we suggest that ESG investment performance is all about oil.

Last week we discussed 22 Chemicals and Related Products and 129 Companies.

See PDF below for all charts, tables and diagrams

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