General Thoughts: Trump’s policies favor expanding global access to relatively cheap US oil and natural gas/NGLs, which benefits integrated domestic petrochemical producers more than US
Several themes that emerged in 2024 will run through 2025, especially the power shortage theme, which we expect to drive more investment and flexibility from
General Thoughts: Low-cost oil and gas producers’ efforts to extend their value chains into high-return integrated growth areas will likely intensify in chemicals as oversupply
1st Topic of the Week: We look at slowing momentum in several sectors and question how much is a function of incentives and how much
General Thoughts: The recent movement in global petrochemical feedstocks, most notably crude oil and natural gas, suggests polyolefin weakness – it also indicates a difficult
A tariff war is just one factor that could upend global polyethylene markets in 2025, with US exports most at risk in our view, adding
General Thoughts: Global M&A transaction values have fallen from their 2021/22 highs, but they are recovering from their 2023 lows – the potential for lower
Air Products, a leader in industrial gases and hydrogen projects, is under pressure from activist investors to change its strategy and leadership. With major projects
The activists looking at Air Products are looking at different strategies – we do not believe that the short-term fixes suggested by DE Shaw will
General Thoughts: With Dennis Reilley and Eduardo Menezes at the helm, Air Products could look like an industrial gas company again. We view this development
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