The Weekly Catalyst
- The positive momentum in global commodity chemical prices in 3Q is stalling in early 4Q23 – absent crude oil market support or a major global outage event, most will see lower prices into year-end.
- Asia polymer and monomer prices fell WoW, but its feedstocks, on average, outpaced this decline – we see a more competitive Asia as a notable risk to rest-of-the-world chemical price support in 4Q23.
- Ammonia and methanol prices have risen from their 2023 lows. We take a constructive view of both long-term; however, recent support in crop prices suggests ammonia reflects less near-term risk.