Powering life with Future Energy and Beyond
Naphtha
Aromatics
Olefins
2022 Petrochemical Outlook
Price
Y2021
HDPE
1,182
$/Ton
1,600
PP Film
1,321
1Q2022
1,330
1,387
2Q2022(E)
2022(E)
1,420 - 1,440
1,430 - 1,450
1,355 - 1,405
1,375 - 1,425
1,400
1,200
1,000
HDPE CFR SEA
PP Film CFR SEA
-
800
1Q21 2Q21 3Q21 4Q21 1Q22
2Q22 3Q22
4Q22
Price
Y2021
$/Ton
BZ
914
PX
859
1Q2022
1,073
1,087
2Q2022(E)
1,160 - 1,180
1,180 - 1,200
2022(E)
1,118 - 1,168
1,132 - 1,182
1,200
1,000
800
000000
BZ FOB Korea
PX CFR Taiwan
600
1Q21 2Q21 3Q21 4Q21 1Q22
2Q22 3Q22 4Q22
Price
$/Ton
Naphtha MOPJ
Y2021
646
1Q2022
877
2Q2022(E)
922-942
2022(E)
890-940
1,000
800
600
400
1Q21
2Q21
Source: PTT, PRISM Petrochemical Rolling as of April 2022
3Q21
4Q21
1Q22 2Q22 3Q22 4Q22
ptt
Olefins
-
+ Strong feedstock cost to support prices amid ongoing geopolitical tension
between Russia-Ukraine
+ Tighten Asian supply from production cuts according to squeezed margins
at standalone units and seasonal turnarounds in 2Q22
+ Expected downstream demand recovery from easing lockdowns across
major cities in China within late 2Q22
Competitively-priced Chinese cargoes to dampen SEA sentiment
- Incoming additional Asian capacities from SEA and NEA, especially China,
throughout 2022
Aromatics
+ Strong feedstock cost to support prices and Lower Asian supply as
mentioned
+ Expected SM/PTA downstream demand recovery from easing lockdowns
as mentioned
+ Opened benzene Asia-US arbitrage opportunities and Low Chinese
inventories to boost up sentiment
Elevated Chinese PX inventories and uneconomical downstream PTA
margins pressure on markets
Incoming additional Asian capacities as mentioned
Naphtha
+ Expected petrochemical demand recovery due to lower cracker maintenance
and easing lockdowns
+ Improved naphtha blending demand ahead of the US driving season in 3Q22
+ Additional demand from petrochemical plants expected to start throughout
2022
26View entire presentation