The Weekly Catalyst

North America Chemical Prices Mostly Higher, Other Global Markets Mixed – Europe Sees the Most Weakness WoW
June 24, 2024
Companies Mentioned:
Westlake, Lotte Chemical, Oxy, Formosa Plastics, Shin-Etsu, Olin, CF Industries, Nutrien, LSB Industries, Yara International
Commodities Mentioned:
Polyvinyl Chloride, Ethylene, Ethylene Di-Chloride, Propylene, Ammonia, Ethane, Naphtha, Crude Oil, Natural Gas
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

North America Chemical Prices Mostly Higher, Other Global Markets Mixed – Europe Sees the Most Weakness WoW

  • Polymer Market Trends: North American spot polymer markets reflect strength WoW, while Europe and Asia markets remain mixed – we discuss recent strength in US, Brazil, and Asia spot PVC prices relative to Europe.
  • Chemical Market Trends: US spot ethylene prices are rising, in part due to strength on the Choctaw (LA grid) relative to Texas, which is spurring some to sell merchant ethylene rather than produce derivative products.
  • Feedstock Market Trends: Brent Crude Oil and Ex-US naphtha prices rose WoW relative to global natural gas and US ethane prices – the US ethylene cost advantage remains substantial relative to Europe and Asia.
  • Agriculture Market Trends: Global ammonia values moved slightly higher, on average, last week, and the drop in natural gas costs improved production margins for most production regions. Crop prices broadly fell WoW.

Exhibit 1 – Chart of the Day: Average spot PVC prices in the Americas and Asia move higher WoW relative to Europe.

Source: Bloomberg, C-MACC Analysis, January 2024


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