Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 19 January.

BASF set to miss 2023 financial guidance as margins, weak chems bite
BASF is expecting to undershoot its earnings and sales guidance for 2023 as the squeeze to margins outpaced cost reduction savings, the firm said on Friday, although investors are taking some comfort from a stronger cashflow than in 2022, according to sources.

Oil supply disruption risk from Middle East conflict remains elevated – IEA
The risk of supply disruption and higher costs as a result of escalating tensions in the Middle East and attacks on the Red Sea remains “elevated”, the International Energy Agency (IEA) said on Thursday, with global demand growth expected to slump this year.

Europe’s oxo-alcohols sector faces a weak start to 2024
Spot demand in Europe’s oxo-alcohol market has been slow to gain traction following the winter holidays. A quiet start to the year has not inspired hope market fundamentals will improve in the near term.

Europe PX market stirred by import delays from Asia
European demand for paraxylene (PX) has firmed more than expected in the first few weeks of 2024 as import delays triggered by shipping disruptions in the Red Sea stoke production along the continent’s PX chain .

Europe MMA hit by Red Sea crisis delaying imports
Delayed imports have tightened the Europe methyl methacrylate (MMA) market, leading to some spikes in spot prices.