Industrial capital is clustering around power and energy infrastructure, leaving chemical producers to improve returns from existing assets as excess capacity keeps global expansion spending
1st Topic of the Week: Solar demand remains abundant, but contracted projects with grid access are capturing more value as storage and policy requirements narrow
General Thoughts: State-backed expansion, protectionist trade shifts, and counter-cyclical consolidation are redefining chemicals, rewarding scale, optionality, and resilience over near-term profits or pure cost leadership.