The Weekly Catalyst

Most US Integrated Polymer Margins Remain Above Their 1Q24 Average, Europe & Asia Margins Are Relatively Lower
April 15, 2024
Companies Mentioned:
Dow, Nova, Westlake, Occidental, Braskem, LyondellBasell, CF Industries, Nutrien, LSB Industries
Commodities Mentioned:
Polyethylene, Polypropylene, Polyvinyl Chloride, Ethylene, Propylene Chlor-Alkali, Methanol, Ammonia, Butadiene, Naphtha, 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 Dashboard, Flow Charts & Other Ancillary Data

The Weekly Catalyst

Most US Integrated Polymer Margins Remain Above Their 1Q24 Average, Europe & Asia Margins Are Relatively Lower

  • Polymer Market Trends: US spot polymer prices reflect downward pressure QTD but improvement in the US feedstock cost advantage YTD relative to Asia and Europe keeps PE and PVC margins above 1Q average levels.    
  • Chemical Market Trends: Global base and intermediate spot chemical prices were largely unchanged WoW, with the most significant support being seen in the US and the most notable weakness being seen in Europe.
  • Feedstock Market Trends: Crude oil prices declined WoW at a similar rate at US natural gas, holding the oil-to-gas ratio near multi-year highs, and Ex-US naphtha values are above the five-year range relative to US ethane.
  • Agriculture Market Trends: Corn prices moved higher WoW, Ex-US natural gas prices rebounded relative to US natural gas WoW, and the ammonia market shows global support which is a net plus for US producer margins.

Exhibit 1 – Chart of the Day: US PE & PVC margins are higher than their 1Q24 average, US PP margins similar with 1Q.

Source: Bloomberg, C-MACC Analysis, April 2024


Client Login

Learn About Our Subscriptions and Request a Trial

to gain full access and experience our services!

Request a Free Trial

Archives