Daily Chemical Reaction
Chemical Sector Optimism Is Most Prevalent In Cost Advantaged Areas, Likely To Stay That Way In 2024
- The significant chemical production cost differences between Europe and North America are present in producer 2H23 updates – we highlight Ammonia and Chlor-Vinyls as prime examples.
- We discuss North American fertilizer producer CF Industries, LSB Industries, and Nutrien 3Q23 results and our broadly constructive view of the global ammonia market in late 2023 and 2024.
- We highlight Westlake 3Q results, our constructive view of its integrated model, and why its housing end-markets will unlikely be robust in 2024 but better than most durable good markets.
- Our sustainability section targets announced green and blue ammonia projects, the evaluation of ammonia production at Energy transfer, and FT conference views from Graham in London.
- In the downstream demand section of this report, we highlight rising North American chemical rail volume and the drop in auto rail volume, and we show a constructive view of farmer income.
See PDF below for all charts, tables and diagrams