The Weekly Catalyst

Global Chemical Update – Delicate
October 16, 2023
Companies Mentioned:
LyondellBasell, Dow, Nova Chemicals, ExxonMobil, Westlake, Oxy, Shell, OMV, Nutrien, CF Industries, LSB Industries, 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 – Delicate

Key Points:

  • US integrated polymer margins have risen QTD in 4Q23 to a higher level than their 3Q23 and 4Q22 average, likely spurring positive domestic producer views with 3Q23 reports relative to overseas peers.
  • Our research shows production issues and global cost curves notably benefitting North American producers in 2H23 – these benefits may fall by 1Q24, kicking off a slower-than-expected start to 2024.
  • We also discuss widening polymer-to-monomer spreads in Europe, likely signaling further cuts in non-integrated regional production, and reiterate our constructive view on global ammonia markets.

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