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- Butadiene: Strong Global Demand Overwhelmed By New Asia Production
- Energy Inflation Coming But Unlikely To Change The Pace Of Renewable Investment
- PVC Off Its Peak, But It's Long Term Outlook Remains Compelling
- Propylene Too Expensive, Ethylene Cheap Enough
- Ethylene Weaker Again - Is Propylene On The Edge?
There are too many important topics to choose from today and we will cover many of these in our ESG and Climate report tomorrow. Here we focus on the IEA report published this week, which shows a path to net-zero on a global scale and looks at both the fossil fuel consuming sectors and the rate at which each must change (they are different by sector) and what fuel alternatives will be needed to replace them. Our review of the work would suggest the following...
We talked a little about recycled polymer pricing in our ESG and Climate report yesterday. Recycled polymer pricing is rising relative to virgin polymer pricing (see chart below) and is likely to continue to rise unless hydrocarbon prices push virgin resins materially higher. Demand for recycled polymer is growing quickly and more quickly than supply...
The big news of the week is the massive grant that the Dutch government approved for an offshore carbon capture project that will be focused on the operations of Shell, ExxonMobil, Air Products, and Air Liquide. This looks to be localized within the Port of Rotterdam, where both oil majors operate large refineries, Shell also operates a large chemical site and the industrial gas companies have significant hydrogen capacity...
We would like thoughts, in the hope of starting an interesting dialogue on what you think the primary role of an ESG fund manager should be – to maximize returns, to promote change, to attract funds, etc.
As we highlighted in yesterday's report, ethylene continues to weaken (see chart below) in the US and it is the one product with a true supply/demand-driven problem today – there is simply more capacity to produce ethylene in the US than there is the capacity to consume it. For more details please see today's daily.
The Dow announcement yesterday speaks to a much larger issue within the investment community in our view, which is that research fees have come down so much over the last ten years that the sell-side gets paid very little for doing any real research. We talked about the upside in 2Q for the commodity polymer producers for months. Still, we know that we cannot get paid for maintaining the models needed to get to the numbers with enough confidence to publish estimates. The buy-side does not have the budget. In the past, as sell-side analysts, we would subscribe and talk to price discovery consultants, such as the predecessor companies of IHS (now in the middle of an acquisition by S&P) and CDI (in the middle of a merger with ICIS). This data and these dialogues would allow us to adjust earnings estimates during the quarter and keep up alongside our other work (e.g. corporate marketing/roadshows, etc.) as analysts. There is enough data in our weekly report – published each Monday to do this for many companies...
This headline about China creating petrochemical deflation is largely based on the rate of capacity addition within China and that base chemical pricing in China still sits well above costs – but the argument may be flawed on a couple of levels. First, costs may not fall materially, given the increased thirst for imported naphtha and...
Industry Events: Conferences and More
Learn from Industry Experts at Events Organized by C-MACC
We will be hosting an "update" conference call with Alex Sokolowski from the BASF Investor Relations Team. Date - May 12thTime - 11:00am ECT REGISTER NOW
We will be hosting an "update" conference call with the Dow Investor Relations team. Date - Postponed Because of Timing Conflicts A New Date Will Be Posted Shortly
Some of you will know Raj from his days as CEO of Rohm and Haas, but since then Raj has served on many boards including HP and Tyco. He is currently the Lead Director of Arconic and a Board Director of DuPont. He is Chairman of both APTIV PLC and...
A Team Of Professionals
Graham has spent 40 years in and around the chemical sector and associated industries, and his depth of experience and breadth of industry and geographic experience qualifies him for a wide spectrum of consulting and other advisory roles.
Cooley most recently served as Managing Director and Sector Head of US Basic Materials and Industrials Equity Research at Macquarie while he also worked as a senior analyst directly covering the chemical and agriculture sectors.