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,
1st Topic of the Week: Water scarcity is AI’s hidden bottleneck, transforming data centers into hydrology-dependent assets. Will industry leaders secure resilient water strategies or
General Thoughts: Cheap North American natural gas is not a new benefit for its chemical industry, but its benefits have become pronounced amid feedstock and
After the commodity price surge of 2021-2022, many producer equity values have followed their respective commodity prices lower in 2023 – an abrupt rebound in
Strength in North American chemical production margins due to falling feedstock costs relative to those abroad is boosting energy sector awareness of its downstream value
Our theme around the possible need for backward integration for all basic chemical producers as energy transition evolves was validated by INEOS this week.
INEOS
European chemical producers face the challenges of a global production cost disadvantage and a generally mature consumer growth profile, spurring some to make aggressive strategic
Recent global chemical production cost movements and US price support have lifted domestic market sentiment, but our study suggests low run rates will limit the
Western market consumers faced much greater price inflation than those in Asia in 2022, and most expect it to occur again in 2023. A plus
2023 is off to a bad start with low margins (but maybe not low enough) and global operating rates reflecting significant oversupply, which could worsen.
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