Structure, not scale, determines valuation, capital access, and resilience as oversupply, policy volatility, and higher rates punish complexity yet reward clarity, focus, optionality, disciplined execution,
General Thoughts: We discuss US avg. spot polypropylene (PP) prices relative to domestic spot propylene (PGP), avg. NW Europe and Asia levels, and global cost-curve
General Thoughts: North American methanol producers are in a good spot amid global trough conditions, given their relative low-cost position, low-carbon demand enhancements ahead, and
US and Europe price inflation slowed in 2H23, while prices in China fell to show a YoY decline in 4Q23 – the global price setting
General Thoughts: US polypropylene (PP) spot price support relative to Europe and Asia is due to upstream outages and production cuts – a near-term plus
The price of manufactured goods in the US faces downward pressure into year-end amid lower global input costs – crude oil price strength is a
China has imported ~20% more discounted Russian crude oil YTD in 2023 compared to 2022, a benefit to its global petrochemical production cost position and
Falling mortgage rates and loosening but still tight domestic home supply are spurring housing market activity that could extend into 2024 and prove constructive for
Global feedstock values shifted in favor of a flatter global chemical production cost curve in the first week of 4Q23, putting downward pressure on recent
Recent crude oil price strength helped lift global chemical prices amid oversupplied conditions in 3Q23, but absent further improvement, will unlikely to spur prices much
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