General Thoughts: Western polyolefin margins strengthened in early 2024 relative to Asia, helped by Middle East logistical, lower natural gas/NGL feedstock prices, and crude oil
The global impact of 2H23 oil market shifts on regional integrated commodity chemical profit is less difficult to gauge than for non-integrated commodity and derivative
The PPI for plastic resin & materials rose MoM in March on an absolute basis and relative to the recyclable resin index – more of
The North American ethylene advantage relative to Asia is significant and likely to remain high as energy and chemical producers integrate in this market –
Our theme around the possible need for backward integration for all basic chemical producers as energy transition evolves was validated by INEOS this week.
INEOS
We highlight US cost advantages in Chlor-alkali and ethylene relative to Europe (and Asia), and why we take a constructive view of domestic vinyl producers,
Chemical profit trends in the US favor the return of its entire production, likely reversing the recent price run-up, and its cost advantage and cheap
Our concerns around the fate of the global chemical industry for 2023 are now consensus, and while we are looking for what could go right
The European chemical industry faces near-to-medium-term cost and demand challenges that could cut its manufacturing base more than its energy transition gains.
NW European (and
We highlight above-average US inland barge traffic due to low river levels as being a headwind for agriculture and chemical markets and working in favor
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