The Weekly Catalyst

Global Chemical Update – More Nutritious & Delicious
October 2, 2023
Companies Mentioned:
Nutrien, CF Industries, LSB Industries, KOCH Fertilizer, Yara, Petronas, PPG, Axalta, LyondellBasell
Commodities Mentioned:
Report Sections:
Feedstocks & Energy, Global Ethylene Cracker – Spot Profit Analysis , Ethylene & Propylene – Price Trends, Other Relevant Global Commodity Chemical Trends, Global Polyethylene Analysis, Global Polypropylene Analysis, Global Chlor - Vinyl Analysis, Global Methanol Analysis, Global Chemical Data Sheets, Agriculture Price Dashboard, Flow Charts & Other Ancillary Data

The Weekly Catalyst

Global Chemical Update – More Nutritious & Delicious

Key Points:

  • Global ammonia prices bounced from YTD lows at the start of 3Q23 to close the quarter at levels last seen in 1Q, a significant positive for North American producers, given their sizable cost advantage.
  • Given still elevated farm income, we are more constructive on fertilizer and agricultural chemicals in 4Q23, relative to commodity petrochemicals, which mostly face oversupply and demand concerns.
  • During 3Q23, Brent crude oil values rose 27%, which pushed up overseas chemical production costs and lifted prices, and US natural gas values only rose ~5%, which benefited domestic chemical margins.


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