US chem shares fall despite rally in oil prices

Juhi Varma

12-May-2020

HOUSTON (ICIS)–US-listed shares of chemical companies fell on Tuesday despite a rise in oil prices amid Saudi Arabia’s decision to exercise deeper production cuts.

The table below shows oil prices.

Name 12 May 11 May Change
Brent July 29.98 29.63 0.35
WTI June 25.78 24.14 1.64

The following shows the US-listed shares followed by ICIS.

Name $ Current
Price
$ Change % Change
AdvanSix Inc 11.39 -0.13 -1.13
Axalta Coating Systems Ltd 19.65 0.03 0.15
Braskem SA ADR repr Class A 7.11 -0.6 -7.78
Celanese Corp Class A 77.85 -2.16 -2.7
Dow Inc 33.79 -0.11 -0.32
DuPont de Nemours Inc 45.68 -0.52 -1.13
Eastman Chemical Co 61.51 -0.22 -0.36
H.B. Fuller Co 34.41 -1.41 -3.94
Huntsman Corp 15.12 -0.7 -4.42
Ingevity Corp 47.68 -3.21 -6.31
Kraton Corp 12.52 -1.73 -12.14
Kronos Worldwide Inc 9.27 -0.12 -1.28
LyondellBasell Industries NV 55.86 -0.2 -0.36
Methanex Corp 15.04 -0.17 -1.12
NewMarket Corp 422.87 -8.25 -1.91
Olin Corp 12.45 -0.22 -1.74
PolyOne Corp 21.53 -1.03 -4.57
PPG Industries Inc 87.63 -2.79 -3.09
RPM International Inc 68.59 -0.71 -1.02
Sherwin-Williams Co 553.46 -5.38 -0.96
Stepan Co 91.01 -2.62 -2.8
The Chemours Co 11.96 -0.65 -5.15
Trinseo SA 18.2 -1.37 -7
Tronox Holdings PLC 6.85 -0.2 -2.84
Univar Solutions Inc 13.37 -0.89 -6.24
Venator Materials PLC 1.28 -0.03 -2.29
Westlake Chemical Corp 41.59 -0.98 -2.3

There are now a total of 1,342,594 coronavirus cases in the US, with 18,106 new cases according to the latest data from the US Centers for Disease Control and Prevention (CDC).

Globally, there are more than 4.3m confirmed cases, according to the World Health Organization (WHO).

US May maleic anhydride (MA) is heard to be under pressure amid low feedstock costs and demand headwinds.

US May epoxy is facing pressure from imports and headwinds in demand.

Mexican industrial activity declined again in March, by 3.4%.

The US Energy Information Administration released its latest short-term energy outlook, forecasting US crude oil production to average 11.7m bbl/day in 2020.

NYMEX WTI crude futures for June delivery settled at $25.78/bbl, up $1.64.

The general stock market fell, as shown in the table below.

Name 12 May Change %
Dow Jones Industrial Average 23764.78 -457.21 -1.89
S&P 500 2870.12 -60.20 -2.05
Dow Jones US Chemicals Index 525.27 −9.81 -1.83
S&P 500 Chemicals Industry Index 531.83 −8.99 -1.66

In Europe, chemical stocks tended to be bearish despite gains for many listed producers.

Additional reporting by Tom Brown, George Martin, Ignacio Sotolongo and Tarun Raizada.

Visit the ICIS coronavirus topic page for analysis of the impact on chemical markets and links to latest news.

READ MORE

ICIS Premium news service

The subscription platform provides access to our full range of breaking news and analysis

Contact us now to find out more

Speak with ICIS

Now, more than ever, dynamic insights are key to navigating complex, volatile commodity markets. Access to expert insights on the latest industry developments and tracking market changes are vital in making sustainable business decisions.

Want to learn about how we can work together to bring you actionable insight and support your business decisions?

Need Help?

Need Help?