1st Topic of the Week: The critical-minerals race is broadening, with a greater focus needed on processing than mining, as competition targets power, integration, and
1st Topic of the Week: US EV hesitancy and incentive rollbacks ease grid stress, improve alignment with capacity, and safeguard reliability, while Europe struggles with
1st Topic of the Week: In a world of tightening crop markets and surging global demand, can cheap food and cheap low-carbon fuels truly coexist
1st Topic of the Week: Rising rates, falling margins, and investor caution redefine energy strategy—who adapts fast enough: capital-heavy cleantech, margin-thin chemicals, or oil firms
General Thoughts: The global chemical production cost curve reflects a flattening pattern YTD, with futures implying flatter conditions ahead. We discuss the general setting and
1st Topic of the Week: We discuss the Trump pause in IRA funding and likely upcoming shifts to this incentive package, highlighting our positive view
General Thoughts: Global cost curve developments favor lower prices and compressed margins in low-cost regions. We discuss why we are more constructive in global ammonia
1st Topic of the Week: US ethanol production margins remain under pressure as producers await potential shifts in fuel policy and the confirmation of tax
1st Topic of the Week: We discuss recent weakness in the C-MACC critical mineral price index, why we continue to prefer copper over lithium, and
1st Topic of the Week: We look back at some of our early 2024 predictions. They were mostly negative, and they have turned out to
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