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Everchem Updates
VOLUME XXI
September 14, 2023
Everchem’s exclusive Closers Only Club is reserved for only the highest caliber brass-baller salesmen in the chemical industry. Watch the hype video and be introduced to the top of the league: — read more
September 27, 2022
The Housing Bubble Has Officially Burst : Case-Shiller Records First Drop In Home Prices Since 2012
by Tyler Durden
Tuesday, Sep 27, 2022 – 09:33 AM
Analysts expected Case-Shiller Home Price growth to continue its modest deceleration in August (the latest available data in this heavily lagged and smoothed data set), but the result was a doozy: the 20-City Composite index tumbled 0.44% MoM, far below the 0.20% expected increase, and a sharp decline from the downward revised 0.19% increase in July; more importantly, this was the first sequential drop in home prices tracked by Case-Shiller since March 2012, or ten and a half years.
On a Y/Y basis, home prices rose just 16.06%, down from 18.66% YoY in July, and missing expectations of a 17.1% increase. The headline national average price index rose 15.77% YoY in August.
Comments confirmed that the mood is dismal and turning uglier by the day: “Although U.S. housing prices remain substantially above their year-ago levels, July’s report reflects a forceful deceleration,” says Craig J. Lazzara, Managing Director at S&P DJI.
“For example, while the National Composite Index rose by 15.8% in the 12 months ended July 2022, its year-over-year price rise in June was 18.1%. The -2.3% difference between those two monthly rates of gain is the largest deceleration in the history of the index. We saw similar patterns in our 10-City Composite (up 14.9% in July vs. 17.4% in June) and our 20-City Composite (up 16.1% in July vs. 18.7% in June). On a month-over-month basis, all three composites declined in July.”
“The theme of strong but decelerating prices was reflected across all 20 cities. July’s year-over-year price change was positive for each one of the 20 cities, with a median gain of 15.0%, but in every case July’s gain was less than June’s. Prices declined in 12 cities on a month-to-month basis. Tampa (+31.8%) narrowly edged Miami (+31.7%) to remain at the top of the league table for the fifth consecutive month, with Dallas (+24.7%) holding on to third place. As has been the case for the last several months, price growth was strongest in the Southeast (+27.5%) and South (+26.9%).
Lazzara concluded by noting that “as the Federal Reserve continues to move interest rates upward, mortgage financing has become more expensive, a process that continues to this day. Given the prospects for a more challenging macroeconomic environment, home prices may well continue to decelerate.”
Finally, we note that drops such as this are absolutely critical to avoid a total implosion in the housing sector, whose affordability just hit a record low last month, but managed to rebound modestly in July, as a result of dropping prices. That said, prices will have to drop by a lot more if housing is again to become affordable to ordinary Americans.
September 27, 2022
The Housing Bubble Has Officially Burst : Case-Shiller Records First Drop In Home Prices Since 2012
by Tyler Durden
Tuesday, Sep 27, 2022 – 09:33 AM
Analysts expected Case-Shiller Home Price growth to continue its modest deceleration in August (the latest available data in this heavily lagged and smoothed data set), but the result was a doozy: the 20-City Composite index tumbled 0.44% MoM, far below the 0.20% expected increase, and a sharp decline from the downward revised 0.19% increase in July; more importantly, this was the first sequential drop in home prices tracked by Case-Shiller since March 2012, or ten and a half years.
On a Y/Y basis, home prices rose just 16.06%, down from 18.66% YoY in July, and missing expectations of a 17.1% increase. The headline national average price index rose 15.77% YoY in August.
Comments confirmed that the mood is dismal and turning uglier by the day: “Although U.S. housing prices remain substantially above their year-ago levels, July’s report reflects a forceful deceleration,” says Craig J. Lazzara, Managing Director at S&P DJI.
“For example, while the National Composite Index rose by 15.8% in the 12 months ended July 2022, its year-over-year price rise in June was 18.1%. The -2.3% difference between those two monthly rates of gain is the largest deceleration in the history of the index. We saw similar patterns in our 10-City Composite (up 14.9% in July vs. 17.4% in June) and our 20-City Composite (up 16.1% in July vs. 18.7% in June). On a month-over-month basis, all three composites declined in July.”
“The theme of strong but decelerating prices was reflected across all 20 cities. July’s year-over-year price change was positive for each one of the 20 cities, with a median gain of 15.0%, but in every case July’s gain was less than June’s. Prices declined in 12 cities on a month-to-month basis. Tampa (+31.8%) narrowly edged Miami (+31.7%) to remain at the top of the league table for the fifth consecutive month, with Dallas (+24.7%) holding on to third place. As has been the case for the last several months, price growth was strongest in the Southeast (+27.5%) and South (+26.9%).
Lazzara concluded by noting that “as the Federal Reserve continues to move interest rates upward, mortgage financing has become more expensive, a process that continues to this day. Given the prospects for a more challenging macroeconomic environment, home prices may well continue to decelerate.”
Finally, we note that drops such as this are absolutely critical to avoid a total implosion in the housing sector, whose affordability just hit a record low last month, but managed to rebound modestly in July, as a result of dropping prices. That said, prices will have to drop by a lot more if housing is again to become affordable to ordinary Americans.
September 27, 2022
LyondellBasell Announces Organizational Changes
News Release Issued: Sep 27, 2022 (8:00am EDT)
To view this release online and get more information about LyondellBasell visit: https://lyondellbasell.mediaroom.com/index.php?s=43&item=1415
LyondellBasell Announces Organizational Changes
HOUSTON and LONDON, Sept. 27, 2022 /PRNewswire/ — LyondellBasell (NYSE: LYB) today announces organizational changes to increase value from existing assets and targeted growth opportunities while accelerating the development of our circular and low carbon solutions to meet increasing market demand. The changes, effective October 1, 2022, signify the deliberate steps LyondellBasell is taking in the company’s evolution.
The Company’s business unit executive officers will be as follows:
- Kimberly Foley, Executive Vice President, Refining, Intermediates and Derivatives
- Kenneth Lane, Executive Vice President, Olefins and Polyolefins (O&P)
- Torkel Rhenman, Executive Vice President, Advanced Polymer Solutions
- James Seward, Executive Vice President and Chief Innovation Officer
- Yvonne van der Laan, Executive Vice President, Circular and Low Carbon Solutions
To align business strategy with execution, business units will now have global responsibility for manufacturing operations. Circular and Low Carbon Solutions business results will be reported in the O&P segment.
In addition, the following leaders will be the executive officers for the various central functions within the organization:
- Tracey Campbell, Executive Vice President, Sustainability and Corporate Affairs
- Dale Friedrichs, Executive Vice President, Operational Excellence and HSE
- A new Executive Vice President, People and Culture will be the subject of a future announcement and this team will continue to be led by Friedrichs during the interim period
Michael McMurray and Jeffrey Kaplan will continue as Executive Vice President and Chief Financial Officer and Executive Vice President and General Counsel, respectively.
“I am very pleased to have these passionate and experienced leaders as my executive team to drive LyondellBasell to be the best operator and to make us an even stronger, more sustainable and customer-focused company,” said Peter Vanacker, LyondellBasell CEO. “By leveraging the collective strengths of this team, I am confident we will capture both near and long-term opportunities. Our future-focused mindset will enable us to safely and successfully deliver on our goals, provide best-in-class customer service, advance our sustainability commitments, and create a workplace and culture that drives innovation.”
Creating a new Circular and Low Carbon Solutions business unit will provide clear accountability, and enables LyondellBasell to have a differentiated operating model. With an entrepreneurial mindset, this business unit will focus on growth of our Circulen renewable and circular solutions, and accelerate the development of scalable sustainable and circular technologies.
James Guilfoyle will relocate to Rotterdam and assume the role of Senior Vice President O&P Europe, Africa, Middle East and India (EAMEI).
This realigned organization will create line of sight accountability within each business, elevate focus on operational excellence and accelerate progress in circularity and sustainability, while advancing employee engagement and culture to increase value for all stakeholders.
About LyondellBasell
As a leader in the global chemical industry, LyondellBasell strives every day to be the safest, best operated and most valued company in our industry. The company’s products, materials and technologies are advancing sustainable solutions for food safety, access to clean water, healthcare and fuel efficiency in more than 100 international markets. LyondellBasell places high priority on diversity, equity and inclusion and is Advancing Good with an emphasis on our planet, the communities where we operate and our future workforce. The company takes great pride in its world-class technology and customer focus. LyondellBasell has stepped up its circularity and climate ambitions and actions to address the global challenges of plastic waste and decarbonization. In 2022, LyondellBasell was named as one of FORTUNE Magazine’s “World’s Most Admired Companies” for the fifth consecutive year. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.
SOURCE LyondellBasell Industries
https://lyondellbasell.mediaroom.com/index.php?s=43&item=1415
September 27, 2022
LyondellBasell Announces Organizational Changes
News Release Issued: Sep 27, 2022 (8:00am EDT)
To view this release online and get more information about LyondellBasell visit: https://lyondellbasell.mediaroom.com/index.php?s=43&item=1415
LyondellBasell Announces Organizational Changes
HOUSTON and LONDON, Sept. 27, 2022 /PRNewswire/ — LyondellBasell (NYSE: LYB) today announces organizational changes to increase value from existing assets and targeted growth opportunities while accelerating the development of our circular and low carbon solutions to meet increasing market demand. The changes, effective October 1, 2022, signify the deliberate steps LyondellBasell is taking in the company’s evolution.
The Company’s business unit executive officers will be as follows:
- Kimberly Foley, Executive Vice President, Refining, Intermediates and Derivatives
- Kenneth Lane, Executive Vice President, Olefins and Polyolefins (O&P)
- Torkel Rhenman, Executive Vice President, Advanced Polymer Solutions
- James Seward, Executive Vice President and Chief Innovation Officer
- Yvonne van der Laan, Executive Vice President, Circular and Low Carbon Solutions
To align business strategy with execution, business units will now have global responsibility for manufacturing operations. Circular and Low Carbon Solutions business results will be reported in the O&P segment.
In addition, the following leaders will be the executive officers for the various central functions within the organization:
- Tracey Campbell, Executive Vice President, Sustainability and Corporate Affairs
- Dale Friedrichs, Executive Vice President, Operational Excellence and HSE
- A new Executive Vice President, People and Culture will be the subject of a future announcement and this team will continue to be led by Friedrichs during the interim period
Michael McMurray and Jeffrey Kaplan will continue as Executive Vice President and Chief Financial Officer and Executive Vice President and General Counsel, respectively.
“I am very pleased to have these passionate and experienced leaders as my executive team to drive LyondellBasell to be the best operator and to make us an even stronger, more sustainable and customer-focused company,” said Peter Vanacker, LyondellBasell CEO. “By leveraging the collective strengths of this team, I am confident we will capture both near and long-term opportunities. Our future-focused mindset will enable us to safely and successfully deliver on our goals, provide best-in-class customer service, advance our sustainability commitments, and create a workplace and culture that drives innovation.”
Creating a new Circular and Low Carbon Solutions business unit will provide clear accountability, and enables LyondellBasell to have a differentiated operating model. With an entrepreneurial mindset, this business unit will focus on growth of our Circulen renewable and circular solutions, and accelerate the development of scalable sustainable and circular technologies.
James Guilfoyle will relocate to Rotterdam and assume the role of Senior Vice President O&P Europe, Africa, Middle East and India (EAMEI).
This realigned organization will create line of sight accountability within each business, elevate focus on operational excellence and accelerate progress in circularity and sustainability, while advancing employee engagement and culture to increase value for all stakeholders.
About LyondellBasell
As a leader in the global chemical industry, LyondellBasell strives every day to be the safest, best operated and most valued company in our industry. The company’s products, materials and technologies are advancing sustainable solutions for food safety, access to clean water, healthcare and fuel efficiency in more than 100 international markets. LyondellBasell places high priority on diversity, equity and inclusion and is Advancing Good with an emphasis on our planet, the communities where we operate and our future workforce. The company takes great pride in its world-class technology and customer focus. LyondellBasell has stepped up its circularity and climate ambitions and actions to address the global challenges of plastic waste and decarbonization. In 2022, LyondellBasell was named as one of FORTUNE Magazine’s “World’s Most Admired Companies” for the fifth consecutive year. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.
SOURCE LyondellBasell Industries
https://lyondellbasell.mediaroom.com/index.php?s=43&item=1415
September 23, 2022
Chemical grade is now $0.425/lb
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