General Thoughts: We maintain a more constructive view of crop prices in 1Q25 than agriculture sector equities overall, and we continue to favor crop input
The C-MACC Clean Energy Mineral Index fell to a new YTD low in November, as weak economic conditions influence demand more than energy transition growth
The significant chemical production cost differences between Europe and North America are present in producer 2H23 updates – we highlight Ammonia and Chlor-Vinyls as prime
North American commodity chemical profits have risen relative to the start of 2023, exceeding low mid-year expectations in 3Q23, as the global production cost curve
We understand the reluctance of oil and gas producers to deploy long-term growth capital due to demand uncertainties. But, we question closing a US refinery
Global demand concerns, lingering logistic issues, and elevated inventory levels are spurring US chemical production cuts despite its shrinking but still notable low-cost global position.
US integrated polymer producers face falling prices and higher costs in 2H22. We discuss the collapse in US PVC prices (and margins) and why our
US retail sales increased in April, with price hikes leading the charge. We discuss takeaways from the latest Walmart and Home Depot reports and mounting
Global chemical sector margins remain varied by product chain, region, and level of feedstock integration, but prices are broadly higher YoY. We expand upon our
Asia and NW Europe chemical production cutbacks continue to mount due to high feedstock costs, a plus on average for global chemical values. We add
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