General Thoughts: Arkansas turns geology into policy-driven advantage as regulatory certainty, DOE coordination, and logistics position the Smackover as the US prototype for integrated, financeable
As returns disappoint and growth capex resets, investor activist pressure could rise toward commodity chemical and critical mineral players, especially those with stretched transition projects
General Thoughts: A global petrochemical power shift is underway—collapsing costs, currency and trade chaos, and a slowing green push collide to reshape trade, challenge US
US commodity chemical equities have underperformed YTD, following a period of significant underperformance in 2H24, as global trade uncertainties have boosted concerns surrounding its already
1st Topic of the Week: Small modular reactors (SMR), despite their challenges, offer a low-carbon power output option at a relatively high capacity factor –
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
General Thoughts: USGC ethane prices declined to a fresh YTD low and fell relative to Ex-US naphtha values this week, further lifting the North American
North American petrochemical margins have improved YTD, but volume trends suggest most producers are still at sub-optimal rates despite the global cost curve shifting further
Our concerns around the fate of the global chemical industry for 2023 are now consensus, and while we are looking for what could go right
North American polypropylene (PP) prices face downward pressure into year-end as global production and logistic improvements position supply to outpace demand.
US refinery margins have
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