C-MACC

C-MACC's October monthly bulletin is packed with opportunities to enhance your understanding of the #chemical and associated markets, and gain global perspectives with our latest events, insights, and news! - See the PDF: https://lnkd.in/gF8MKzd2 This month we are hosting a webcast and a dinner meeting with Dragoman's Managing Director, Tom Harley, as he joins Graham Copley for a fireside chat discussing global implications for US #hydrocarbon markets. Don't miss this opportunity to gain insights (https://lnkd.in/g8thCD8p) and meet with Tom in Houston: (https://lnkd.in/gj4VbAJK) To start this month, we announced a strategic partnership with ChemOrbis to collaborate and expand our global reach and provide more products and services to our clients. You can learn about the partnership in the recent press release: (https://lnkd.in/dACRa69E) Find more information and download recent reports and resources directly from our bulletin: https://lnkd.in/gpiCZJbK #chemicals #hydrogen #marketresearch #chemicalindustry #consulting #chemicalmarket #energy #oilandgas #olefins #polyolefins #plastics

Today, we discuss takeaways from a few global chemical sector earnings reports, which mostly expect a weak 4Q24 but anticipate improvement in 2025 – beyond seasonal factors, some will still face a rocky 2025. Daily Chemical Reaction - November 1st: 3Q24 Good, 4Q24 Bad, 2025 Off to The Races?!? | https://hubs.li/Q02WF5150 ⭐ Download the full report PDF: https://hubs.li/Q02WF32m0 🔍#SupplyChain / #Commodities: We highlight takeaways from LyondellBasell on domestic PE and PP markets from its 3Q earnings call, Linde results related to their strategy compared to Air Products, and other sector 3Q reports. 🔍#Energy / #Upstream: We highlight ExxonMobil and Chevron results, discuss differing views of crude oil refinery margins in 2025 among operators, and flag the planned closure of the #LyondellBasell Houston refinery in 2025. 🔍#Sustainability / #EnergyTransition: We discuss Linde's involvement in a Dow Fort Saskatchewan growth project and flag LyondellBasell and Eastman projects in advanced recycling, among other relevant sector updates. 🔍#Downstream / Other #Chemicals: We discuss most chemical sector management teams signaling better demand conditions globally in 2025, following interest rate cuts and government stimulus, and its impact on expectations. Companies Mentioned: LyondellBasell Eni Air Products Linde Praxair, Inc - a Linde Company AdvanSix Avient Corporation Repsol ExxonMobil NOVA Chemicals Westlake Oxychem Corporation Formosa Group Shintech, Inc. aramco Chevron PBF Energy Shell TotalEnergies Dow Eastman Nikola Corporation Ford Motor Company Lummus Technology Mitsui & Co., Ltd. Asahi Kasei Intel Corporation Mastercard Kellanova Commodities covered: #PGP, #PP, #PE, #Ethylene, #IndustrialGas, #Hydrogen, #CrudeOil, #NaturalGas, #CarbonDioxide, #Nitrogen #EVs #CMACC #chemicalmarket #oilandgas #energysector #Q3earnings #EarningsSeason #chemicalindustry #investorrelations

🔍 1st Topic of the Week: The vitriol and uncertainty around the impending US election is at a fever pitch, with each side describing the other as the harbinger of doom. Most industries and capital markets thrive on stability, and historically neither US party has managed to create too much instability – could this time be different? Weekly #Sustainability & #EnergyTransition Report 204: Poll Dancing: The US Election Promises Instability, Bad for Business & Sustainability | https://hubs.li/Q02WBzSD0 🔍 2nd Topic of the Week: #CarbonCapture may be the winner in a Republican win as #45Q is likely intact, and some of the pipeline plans could get fast-tracked. 🔍 Otherwise: We look at packaging #recycling rates in Europe – another reason not to own European #virginpolymer capacity, the China lead in #renewablepower, and we look again at some balance sheet opportunities. ⭐ Request the full report PDF: https://hubs.li/Q02WBz2y0 Products Covered: #Carbon, #Oil, #NaturalGas, #EVs, #Hydrogen, #Ethanol, #PET, #RecycledPolymers, #SolarModules, #SAF Companies Mentioned: Gevo, Inc. Summit Carbon Solutions LSB Industries, Inc. First Solar bp ExxonMobil Woodside Energy Air Products Subjects Covered: #ESG #Recycling, #Renewables, #CarbonCapture, #Emissions, #NewEnergy, #HydrogenEconomy, #ESGInvesting, #ClimateLitigation, #CleanFuels

Food for Thought: Global Agriculture Market Improvement In 2025 Likely, Low-Carbon Transition Challenges to Stay High | Daily Chemical Reaction - October 31: https://lnkd.in/gvHamZ3U 🔍General Thoughts: We are more confident that #agricultural sector conditions will improve in 2025/26 relative to 2024 than in the rapid formation of price premiums for #lowcarbon on-farm inputs/products. 🔍#SupplyChain / #Commodities: We highlight FMC and Syngenta 2H24 global #cropprotection market views, and we give our view of global ammonia markets following #Yara, #CF, and #LSB 3Q24 business updates. 🔍#Energy / #Upstream: We highlight the #Shell 3Q24 report showing strength in indicative chemical margins relative to refining margins, though base chemical margins now reflect relative declines, as we expected. 🔍#Sustainability / #EnergyTransition: We discuss the development of US low-carbon ethanol and ammonia markets, flagging two US projects relying on #CCS when production starts and a few global policy shifts. 🔍#Downstream / Other #Chemicals: We comment on #agriculture sector equity performance, give our view, and highlight our CEO, Cooley May, CFA, attending the upcoming Ammonia Energy Association annual conference. ⭐ Download the full report PDF:https://lnkd.in/gAKwhkzb Companies Mentioned: Corteva Agriscience, BASF, FMC Corporation, Yara International, CF Industries, LSB Industries, Inc., Nutrien, Syngenta, Fertiglobe, Shell, ABB, Cheniere Energy, Inc., TotalEnergies, Gevo, Inc., Amazon, Green Plains Inc., Evonik, Petrobras Commodities covered: #Ammonia, #NaturalGas, #Ethylene, #Propylene, #Polymers, #LNG, #Ethanol, #CO2, #SAF, #Hydrogen, #Ammonia, #RenewableDiesel #CMACC #chemicalmarket #oilandgas #criticalminerals #corporate #restructure #china #invest #plastics #agriculture #farmincome #familyfarm #sustainablefarming #farmtotable #GreenSupply #agri #agriculture #farmers #farming #agritech #agriculturetechnology #sustainablesourcing #fairtrade #empoweringfarmers #ruraldevelopment #foodsecurity #agriculturalinputs #farmmachinery #postharvestsolutions

Can the Market Handle It? 📉 Discover why global polyolefin demand growth might be met with unprecedented oversupply challenges. Today's report dives deep into supply pressures, regional advantages, and the key shifts shaping the market’s future. Download now to prepare for what’s coming - https://hubs.li/Q02Wnn_Q0 Daily Chemical Reaction - October 30: Global Polyolefin Demand Will Rise Through 2029; However Oversupply Is Inevitable Absent Unprecedented Rationalizations | https://hubs.li/Q02Wnn7F0 🔍General Thoughts: We discuss low-cost global polyolefin producers painting a positive picture of demand through #2029; however, global supply growth outpacing demand is the major global problem, and it is a risk to all players. 🔍#SupplyChain / #Commodities: Global chemical producer’s profits, on average, show sequential improvement in 3Q24, but face declines in 4Q24, as evidenced by our spot market data and by sector 2024 profit guidance cuts. 🔍#Energy / #Upstream: We flag the build-out of US #utility power production and infrastructure, where capital costs are being factored into the rate cases for consumers, which does not translate into a “cheap” #electricity setting. 🔍#Sustainability / #EnergyTransition: We discuss the First Solar legal challenge targeting those suspected of misusing its IP on its 3Q24 earnings call, and we comment on the recent trend of Western clean project cancellations. 🔍#Downstream / Other #Chemicals: We highlight the BASF view of global light vehicle production and the impacts of Chinese vehicle exports on vehicle producers in other regions, including Europe, among other relevant trends. Companies Mentioned: #BASF, Covestro OMV Stepan Company Borouge Dow LyondellBasell ExxonMobil Chevron Phillips Chemical Company NOVA Chemicals Huntsman Corporation Wanhua Chemical Group Borealis Sumitomo Chemical Exelon aramco PETROVIETNAM PETRONAS bp Woodside Energy Air Products #FirstSolar, Volkswagen Group Gentex Corporation BYD Ford Motor Company Commodities covered: #MDI-polyurethanes, #Ethane, #BrentCrude, #Ethylene, #CrudeOil, #Utilities, #Polymer, #RenewablePower, #Ammonia, #Hydrogen, #WindPower, #SolarPower #CMACC #chemicalmarket...

Polymer Price Expectations - October - Monthly Report No.9: https://hubs.li/Q02Wk2hX0 Request a trial to access the full report and data: https://hubs.li/Q02Wk2nz0 This polymer pricing service is designed to provide a monthly analysis of the market with price expectations and sentiment for #polyethylene, #polypropylene, and #polystyrene based on market fundamentals and proprietary data. Contact Cooley May, CFA from #CMACC, or Robin Chesshier from #PXi to discuss this service. #polymerpricing #pricereporting #polymerbuyer #polymertrading #PE #PP #PS #Feedstocks #plastics

🔍 New Insights on Air Products’ Strategic Crossroads! 🔍 Today, C-MACC aired a comprehensive webcast analyzing Air Products, a leader in #industrialgas and #hydrogen solutions, as it faces new pressures from activist investors to shift its strategic and leadership approach. Following the webcast, we’re excited to offer a C-MACC Insights Bundle to help industry professionals navigate the complexities of Air Products' evolving position and its impact on the future of the industrial gas sector. What’s Inside the Insights Bundle? 📽 Webcast Recording – An in-depth breakdown of Air Products’ leadership and strategic direction 📄 Presentation PDF – Downloadable and packed with analysis 📊 4 Exclusive Reports + 1 Blog – Full analysis on valuation, sustainability, and proposed leadership directions ⭐Get exclusive access to the full bundle for just $500 USD (a $2,500 USD value) Learn more and see the featured reports here: https://lnkd.in/gQPp4rbJ #StrategicReview #AirProducts #IndustrialGases #Sustainability #MarketAnalysis #CMACC #Hydrogen #Insights

Today's report discusses global refinery and ethylene production margins have fallen considerably from the YTD highs. Refinery margin outlooks are mostly linked to demand, while overexpansion is more of a concern in ethylene. Click here to download full report: https://lnkd.in/gpycmEhB Daily Chemical Reaction - October 29: Winter Is Coming! Many Global Industries Face A Rocky Year End, Some Better Poised For 2025 Improvement Than Others | https://lnkd.in/gz6jz3Mm 🔍#SupplyChain / #Commodities: We discuss takeaways from Element Solutions Inc and Enterprise Products 3Q24 results and our negative view of US spot polymer-grade propylene prices in the near term amid improved supply. 🔍#Energy / #Upstream: We highlight bp 3Q24 results showing its push away from some clean energy projects and weak refining results. We also discuss the rising value of US existing power/pipeline right-of-ways, such as at EPD. 🔍#Sustainability / #EnergyTransition: We discuss the sizable drop in clean-technology investment YTD in 2024 relative to 2023, which is also being met by a recent surge in cancellations among existing projects proving uneconomical. 🔍#Downstream / Other #Chemicals: We highlight the drop in German manufactured goods export expectations, which many link to weak demand that misses that many of its manufactured goods cost positions are uncompetitive. Companies Mentioned: #ElementSolutions, #EnterpriseProducts, Alpek, Clariant, WACKER, Dow, INVISTA, Formosa Group, Wanhua Chemical Group, Ecolab, Linde, SIBUR, Shell, OMV, ExxonMobil, bp, Phillips 66, Summit Carbon Solutions, Trinasolar, TotalEnergies, LG Energy Solution, Oxy, NextEra Energy Resources, Apple, Ford Motor Company, D.R. Horton, Tesla, Porsche Cars North America, Volkswagen Group Commodities covered: #Propylene, #PGP, #Polypropylene,#Electronics, #Hydrogen, #CrudeOil, #Ethane, #CO2, #CleanPower, #Batteries,#Electrolyzers, #Ammonia #CMACC #chemicalmarket #oilandgas #macroeconomics #GDP #corporate #china #petrochemicals #plastics #plasticsindustry #hydrocarbons #oilandgas #earningseason #refinery #datacenters #power

Europe is seeing a wave of #greenhydrogen cancellations, and an #FT article over the weekend latched on to the story we have been telling for a while – this is all too expensive, and projects and equipment are too early. | The 70th Hydrogen Economy Report: It’s All Over Now Baby Blue (& Green). https://hubs.li/Q02W7tlS0 🔍 The ramification for the #electrolyzer makers will be as harsh as we have suggested in prior work, with bankruptcies/restructuring inevitable, and residual values unclear: what is a factory worth if no one needs it? 🔍 Other routes to hydrogen or hydrogen derived fuels and products will get more attention – blue in the US, the UK and the Middle East, #gasification / #pyrolysis everywhere and novel technologies, like Utility Global. 🔍 Climate goals will need to change and the cancellations in Europe come just ahead of #COP29 and will get attention and likely cause much wringing of hands. #Nuclear power is an answer, but it is long-term. 🔍 Otherwise, we look at the strength in pricing for European #methanol – good for US producers. We also discuss the competitive edge in China outside of electrolyzers. ⭐Request a copy of the full report here: https://hubs.li/Q02W7sv60 #hydrogen #hydrogeneconomy #greenhydrogen #bluehydrogen #power #electrolyzers #ammonia #methanol #cmacc

Friendly Reminder! 📢 Don’t miss out, and join us on Tuesday, October 29th, at 10:00 AM CST for an exclusive webcast with C-MACC’s founding partner, Graham Copley. Graham will dive into the pressing challenges facing Air Products and the #industrialgas sector, from rising hydrogen project costs to pressures from activist investors. 🌍💼 Graham’s deep industry expertise, from his time as a research analyst covering the Industrial Gas group to consulting within the industry, means this 30-minute session will be packed with insights you won’t want to miss! 📅 Webcast details & registration: https://lnkd.in/gdEKi-8r #AirProducts #Webcast #Hydrogen #IndustrialGas #Energy #CMACC #MarketResearch #MarketAnalysis #Consulting