The ASPs of Petronas Chemicals olefins and derivatives products have likely found a bottom.
Maybank IB Research said the surprise move by Opec to cut oil production by 1.66 million barrels per day through to December this year could provide “a much-needed floor to generally soft olefins and derivatives ASPs owing to its close price correlation to crude”.’s olefins and derivatives products have likely found a bottom following modest gains in the first quarter of 2023 .
On the other hand, the research firm anticipates a gloomier outlook for the petrochemical group’s fertiliser and methanol division with ASPs having declined sharply to two-year lows. “On the flipside however, lower natural gas prices could help improve PETRONAS Chemicals’ specialties division margins, though it is unlikely to break even till the second half of 2023 with the near-term outlook remaining challenging.
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