Webinar - How has increased volatility affected the major petrochemical value chains?
The global petrochemical industry was already entering a challenging operating environment by the end of 2019. The spread of the COVID-19 pandemic abruptly stalled demand for many products in the first half of 2020. A sharp fall in crude oil prices was ahead of collapsing downstream petrochemical prices.
The impact of frail markets swiftly became more apparent in the second half of 2020 and margins retreated towards a floor as crude oil prices rebounded to a more sustainable price point. There have been rapid changes and increased volatility, but have the longer term market fundamentals also changed?