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2022 arrived with much hope and promise. Economic recovery from the COVID-19 pandemic was in full swing around the world. Demand for chemicals and plastics remained robust, even though supply chains were still somewhat disrupted. Meanwhile, decarbonization continued to gain momentum. Clearly, the world was expecting better things to come. Then hostilities broke out in Ukraine and the oil and gas markets were scrambled. Also, COVID cases emerged in China, resulting in lockdowns of regions where outbreaks occurred. Industrial production and port operations was disrupted, further upsetting global supply chains. With the aggressive interest rate hikes by the major central banks in an attempt to bring inflation down from levels not seen in decades, the prospect of a recession is looming large. How will global petrochemical demand be impacted going forward? With a large amount of new capacity slated to come on stream in the next few years, is the petrochemical industry set to enter into a downcycle? Will the pace of decarbonization be slowed down? The Commodity Insights Team at S&P Global will share their insights and thoughts on these questions at the Petrochemicals Seminar on Thursday, November 17.
Date: 17 November 2022 (Thursday)
Time: 2:00pm-6:00pm (China Standard Time)
Venue: Shangri-La Hotel Ningbo
Address: 88 Yuyuan Street, Ningbo, Zhejiang, China
*Please refer below for a detailed agenda
Global Senior Vice President, Oil Markets, Midstream, Downstream, and Chemicals, S&P Global Commodity Insights
Executive Director, research and analysis, oil markets, midstream and downstream, Asia and the Middle East, S&P Global Commodity Insights
Under the pressure from the Covid-19 pandemic and the property slump, Mainland China's economy is unlikely to meet the 5.5% growth target in 2022. With domestic headwinds continuing, reform targets unchanged and global growth subdued due to high inflation and monetary tightening, policy support is crucial to China's economic stability over the next year.
Yating Xu, Principal Economist, S&P Global Marktet Intelligence
The global oil market is in a delicate state with the looming fear of recession on one side and supply tightness on the other. Oil prices could swing widely with changes in Russian export volume and destinations amid Russia - Ukraine conflict. As prospects for supply growth remain dim for the rest of this year, the changes in the perception of demand strength or weakness have an outsized impact on prices—both up and down. Oil prices and economic growth are the major factors that influence the petrochemical demand, shaping the petrochemical feedstocks market. The presentation discusses the current oil market and petrochemical feedstock market challenges and the potential path forward in the coming months.
Premasish Das, Research and Analysis Executive Director, Downstream, S&P Global Commodity Insights
The northern hemisphere is about to face its first heating season since the outbreak of the Russian-Ukrainian conflict. Will global LNG supply guarantee the seasonal swing in market demand, and are natural gas and LNG prices heading into significant fluctuations? This seminar will deeply analyze the current international LNG market dynamics, helping market participants better judge the development trend of the industry, and effectively control market risks.
Xiao Lu, Associate Director, Gas, Power & Climate Solutions, S&P Global Commodity Insights
Specialty chemicals are products sold on the basis of their performance or function rather than their composition, and they are closer to the consumer than commodity chemicals. The global specialty chemicals market contracted 3% in 2020 with winners and losers due to Covid-19, and recovered 6% in 2021. Despite various economic headwinds, pent-up demand for specialty chemicals remains strong to support another positive year for 2022 and continued growth in 2022-27.
The energy transition from fossil fuels to renewables began to accelerate in 2020. Between now and 2050, nonhydro renewables will account for over 95% of new power generation capacity globally, becoming the dominant source of power capacity. Solar and wind power will represent almost all new renewable additions. Specialty chemicals enable the development of renewable energy.
Dr. Maoshi Guan, Director, Specialty Chemicals, S&P Global Commodity Insights
This presentation will provide an overview of the global olefins markets through an analysis of capacity, production and demand growth dynamics plus cost and margin implications for different feedstocks like naphtha, imported ethane from US and Chinese coal to chemicals. An update will also be given on the new projects that are slated to start-up across the near term. The issues surrounding pathways to sustainable growth will also be outlined.
Larry Tan, Chemicals Insight, APAC Lead, S&P Global Commodity Insights
Growth in the PTA and PX industry in China was on a previously unseen scale during recent years, radically changing China's role in the global PTA market. In 2022, the industry has been further challenged by competition for feedstocks from the gasoline industry and possible recession looms on the horizon. As new major integrated chemical complexes continue to come on-stream, we consider how producers outside of mainland China are riding the wave of PX and PTA capacity as well and consider similarities and contrasts to the impact of the new wave of styrenics capacity on global markets.
Katie Elliot, Aromatics Lead - EMEA Chemicals, S&P Global Commodity Insights
This session presented by S&P Global Commodity Insights editorial team provides an overview of our price assessment processes and the dynamics of the specific commodity markets we cover. We will be examining the role benchmark prices place in commodity markets, and how benchmark prices drive market transparency and efficiency. We will also be delving into the Platts Market on Close process and how it is applied to yield a robust, representative and repeatable value at the close of trading each day.
Frank Zeng, Senior Engagement Lead, APAC Oil, S&P Global Commodity Insights