
Crack Less, Feed More: Capital Feeds Fertilizer, Midstream, and Specialties as Plastics Starve
General Thoughts: Ammonia’s fertilizer-anchored cycle diverges from most chemicals, signaling tight supply and investment incentives, while petrochemicals face surplus-driven signals discouraging growth capital.
Supply Chain/Commodities: Asian petrochemicals face structural oversupply, with pricing, not demand, driving losses, forcing restructuring, cost exits, and portfolio shifts that favor early movers through 2026.
Energy/Upstream:






