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Sectors

Sector Update: Energy Stocks Mixed Thursday Afternoon

Energy stocks were mixed Thursday afternoon, with the NYSE Energy Sector Index rising 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) easing 0.2%.The Philadelphia Oil Service Sector Index was climbing up 2.1%, and the Dow Jones US Utilities Index decreased 0.5%.Late Wednesday, US Central Command forces completed a "heavy wave" of strikes against Iran in response to Tuesday's attempted missile attacks on US forces, according to a CENTCOM statement. "The strikes aimed to further diminish threats posed by Iran and its proxies to American forces, commercial shipping, and neighboring Gulf countries." Meanwhile, the Islamic Revolutionary Guard Corps targeted US bases in Kuwait and Jordan following Washington's strikes on Iran, Al Jazeera, a Middle East broadcaster, reported, citing the IRGC.Front-month West Texas Intermediate crude oil shed 0.4% to $84.09 a barrel, and the global benchmark Brent crude contract fell 1.3% to $89.58 a barrel. Henry Hub natural gas futures rose 1.5% to $2.76 per 1 million BTU.In corporate news, Exxon Mobil (XOM), Chevron (CVX) and other big oil companies are vying for Venezuela's choicest drilling spots, but talks with Venezuelan officials have recently hit an impasse, preventing them from making big moves, The Wall Street Journal reported. Exxon and Chevron shares were each shedding about 0.4%.BP (BP) intends to cut around 700 non-frontline jobs from its global workforce, Reuters reported Thursday, citing an internal email it viewed. BP shares rose 1.2%.Celanese (CE) said Thursday that the Amsterdam District Court dismissed the damages claim brought by Shell's (SHEL) Shell Chemicals Europe unit. The court also dismissed a claim from Repsol-related entities seeking declaratory judgement of liability of Celanese and its co-defendants, it said. The claims stemmed from a 2020 settlement with the European Commission regarding past ethylene purchases in North-Western Europe, according to the company. Celanese shares were up 1.3%, and Shell was adding 1.6%.

$BP$CE$CVX$SHEL$XOM
Equities

Celanese Says Shell Unit's Damages Claim Dismissed by Amsterdam Court

Celanese (CE) said Thursday that the Amsterdam District Court dismissed the damages claim brought by Shell's (SHEL) Shell Chemicals Europe subsidiary.The court also dismissed a claim from Repsol-related entities seeking declaratory judgement of liability of Celanese and its co-defendants, Celanese said.The claims stemmed from a 2020 settlement with the European Commission regarding past ethylene purchases in North-Western Europe, according to the company.Shell did not immediately respond to' request for comment.Celanese shares were up more than 2% in Thursday trading.Price: $44.87, Change: $+0.94, Percent Change: +2.13%

$CE$SHEL
Chemicals Companies Likely to Report In-Line Quarterly Results, Deutsche Bank Says
US Markets

Chemicals Companies Likely to Report In-Line Quarterly Results, Deutsche Bank Says

US chemicals companies are likely to report quarterly results in line with expectations, with the Middle East conflict seen as a potential tailwind, Deutsche Bank said Wednesday.The June quarter "largely played out" as expected in terms of demand, pricing and costs, supported by positive pre-announcements by Dow (DOW) and BASF, according to Deutsche Bank.In June, Dow Chief Financial Officer Jeff Tate said the company expected to post second-quarter earnings of about $2.2 billion, "which is above current consensus and roughly 10% above our prior guidance," according to a FactSet transcript. "This is largely driven by continued resilience in polyethylene demand and pricing, as well as margin upside in industrial intermediates and infrastructure."The company is scheduled to report its full second-quarter results Thursday.Earlier this month, German chemicals producer BASF increased its full-year core earnings outlook, citing "better-than-expected business development.""With the macro remaining uncertain, energy prices elevated due to the on-again, off-again Middle East conflict and underlying demand subdued, management teams are likely to remain cautious in their outlooks and guidance," Deutsche Bank analyst David Begleiter said in a note to clients Wednesday.The conflict between the US and Iran and the subsequent shutdown of the Strait of Hormuz -- the world's most important chokepoint for crude flows -- has been a "positive, or at least not a negative" for US chemicals firms and the wider industry of US material, industrial gas, coatings and agricultural companies, Begleiter wrote.The conflict disrupted energy and chemical production and exports from the Persian Gulf, which houses about 15% of global chemical supply, according to Deutsche Bank. The war impacted another 15% of global chemical capacity, while high oil prices increased input costs for chemical producers in Asia, the brokerage said.In the current geopolitical environment, Deutsche Bank has a favorable view on companies such as Celanese (CE), Corteva (CTVA), Ecolab (ECL), Linde (LIN) and PPG Industries (PPG), where investor sentiment is in the wrong position, there are short-term catalysts and organic growth and the companies can maintain prices when raw material costs decline, according to the note.Price: $31.38, Change: $+0.91, Percent Change: +2.99%

$CE$CTVA$DOW$ECL$LIN$PPG
Commodities

Global Chemical Spot Markets Drift Lower as US Methanol Gains, TPH Energy Says

Global chemical spot indicators were flat to lower over the week, with US methanol the sole outperformer amid tightening supply conditions, TPH Energy strategists said in a Wednesday note.Matthew Blair, analyst at TPH Energy, said that US methanol rose $3 to $541 per metric ton, supported by supply constraints from planned and unplanned outages in key producing regions, including China and Malaysia.The increase lifted the quarter-to-date average by $194/mt. Methanex Corporation (MEOH) is seen as the primary beneficiary of firmer methanol pricing.Elsewhere, China vinyl acetate monomer prices posted the sharpest weekly decline, falling 5 cents to 49 cents, as improved global supply weighed on prices following the completion of Dow's Texas City VAM plant turnaround in mid-May.Despite the weekly weakness, the quarter-to-date average remains higher, up 26 cents. Celanese (CE) is viewed as most exposed to VAM dynamics within coverage.Elsewhere, TPH said that US polyethylene fell 4 cents to 66 cents per pound, US polypropylene dropped 3 cents to -71 cents/lb, and US polyvinyl chloride declined 1 cent to 39 cents/lb. Southeast Asia caustic soda was down $20 to $435/mt, while US methyl tertiary-butyl ether slipped 9 cents to $3.40/gal and US styrene eased 1 cent to 63 cents/lb.On the other hand, US ethylene dichloride and China acetic acid were broadly unchanged over the week at 11 cents/lb and 20 cents/lb, respectively.Price: $59.97, Change: $-0.17, Percent Change: -0.28%

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Wire

Celanese Shares Rise After JPMorgan Upgrade

Celanese (CE) shares rose 1.1% in afternoon trading Tuesday after JPMorgan upgraded the stock to overweight from neutral, with a price target of $68 per share.Trading volume stood at nearly 1.1 million shares, compared with a daily average of over 2.6 million.Price: $60.18, Change: $+0.63, Percent Change: +1.06%

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Wire

Celanese's H2 Guide Appears Conservative, RBC Says

Celanese's (CE) H2 guidance looks conservative but its engineered materials business faces some headwinds from inventory drawdowns, RBC Capital Markets said in a Friday note.The report said the company's H2 EPS guide of about $3.00 is likely below buy-side expectations while its guidance for Q2 of about $2.20 is encouraging."Overall, CE continues to see subdued end-use demand,with pockets of strength in vinyl emulsions, redispersible powders, medical, electronics, data-centers, and some industrial applications," the note said.The report also said improving free cash flow generation is facilitating its deleveraging plan.RBC reiterated its sector perform rating and raised its price target to $68 per share from $66.Price: $59.43, Change: $+2.26, Percent Change: +3.95%

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Wire

Celanese Raises Prices Across Acetyl Chain Products, Effective Immediately

Celanese (CE) is increasing its prices across a range of acetyl chain products, with adjustments taking effect immediately or as contract terms allow, the company said Monday.Price increases range from $0.02 to $0.20 per pound in the US and Canada, effective immediately.Shares of Celanese were up 2% in Monday trading.Price: $58.20, Change: $+1.03, Percent Change: +1.80%

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Research

Research Alert: CFRA Maintains Sell Opinion On Shares Of Celanese Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:After reviewing Q1 earnings, we raise our 12-month target price by $2 to $43 on a forward P/E of 7.4x our 2027 EPS view of $5.78, a discount to the three-year average of 10.4x justified by CE's high debt levels and subdued demand. We raise our 2026 EPS view by $1.35 to $6.14 and decrease 2027's by $0.09 to 5.78. Our sales estimates are $9.7 billion for 2026 and $10.1 billion for 2027. On the positive side, CE's Acetyl Chain's Q2 2026 Adjusted EBIT guidance of $300M-$325M was solid, led by higher expected volumes and prices. However, the acetate tow business remains weak and feedstock costs have risen sharply. Meanwhile, Engineered Materials' Q2 2026 Adjusted EBIT guidance of $190M-$210M was more conservative due to inventory reductions and additional costs from the POM facility turnaround. Overall, we believe CE's 48% year-to-date stock gain is excessive and expect earnings to decline once again in 2027 as the temporary margin boost from the Middle East conflict fades.

$CE
Research

Research Alert: Celanese Misses Q1 Consensus Estimates, Provides Optimistic Q2 Guidance

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CE reported Q1 2026 EPS of $0.85 vs. $0.54 in the prior year, missing consensus by $0.05, while revenue of $2.337B rose 6% sequentially but declined 2% Y/Y, missing estimates by $9M. Engineered Materials showed strong operational improvements with sales of $1.325B (+3% Y/Y) and operating margins expanding to 17% as operating profit surged to $221M from $94M, reflecting successful execution of product mix optimization and cost reduction initiatives. Management advanced structural actions including closure of the Singapore nylon facility and network enhancements across Asia and Europe. Management raised full-year FCF guidance to $700M-$800M and provided Q2 EPS guidance of $2.00-$2.40, with approximately $3.00 expected for the second half. The company targets net debt/operating EBITDA improvement to 4.8x through continued cash generation, though Q1 FCF of only $3M reflects seasonal working capital timing and highlights the importance of debt reduction given elevated leverage levels.

$CE

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