The Weekly Catalyst

Low Visibility Beyond Cost Curve Shifts; Benefits from Our Polymer Price Expectations Service Rises Amid the Fog
April 8, 2024
Companies Mentioned:
Dow, Nova, Westlake, Oxy, Celanese, Chevron Phillips Chemical, Braskem, LyondellBasell, ExxonMobil, CF Industries, Nutrien, LSB Industries, OQ, Evonik, PPG
Commodities Mentioned:
Polyethylene, Polypropylene, Polyvinyl Chloride, Ethylene, Propylene, Chlor-Alkali, Methanol, Ammonia, Butadiene, Naphtha, Butane, Crude Oil, Natural Gas, Ethane, Corn
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 & Margin Dashboard, Flow Charts & Other Ancillary Data

The Weekly Catalyst

Low Visibility Beyond Cost Curve Shifts; Benefits from Our Polymer Price Expectations Service Rises Amid the Fog

  • Polymer Market Trends: We will host a webcast on April 10 to discuss our recently launched Polymer Price Expectations service, offering valuable insight to polymer industry participants – register for the event HERE.
  • Chemical Market Trends: Global base and intermediate spot chemical prices primarily reflected strength WoW, with European ethylene reflecting the most strength, while US polymer-grade propylene was weakest.
  • Feedstock Market Trends: Crude Oil prices reached a multi-year high relative to US natural gas in March, and crude oil price strength WoW outpace natural gas to keep this ratio near the high end of the 10-year range.
  • Agriculture Market Trends: Global ammonia prices were mixed WoW, with the Middle East and India spot values falling relative to US and Europe. Western spot ammonia prices face downward pressure QoQ in 2Q24.

Exhibit 1 – Chart of the Day: Crude Oil & Ex-US Naphtha feedstock costs rise MoM and relative to their 2023 average.

Source: Bloomberg, C-MACC Analysis, April 2024


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