General Thoughts: Global refining margins have risen YTD on tight product balances, but chemical producers face persistent margin compression as oversupply, weak demand, and policy-driven
China is executing a long-cycle, state-aligned petrochemical strategy built on flexible feedstocks, converting refining into chemical scale and pricing advantage, while others contract under short-term
1st Topic of the Week: In circular plastics, the emerging power dynamic favors those controlling both waste inputs and brand offtake, with those controlling neither
The so-called “energy transition” isn’t stopping—it’s being redefined by those still investing. As Western firms retreat under fading incentives, China is pushing forward to shape
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