@alexbhturnbull Not sure what's going on with petroleum, but domestic petchem demand must be very weak. Polyethylene is straight down since the war started. Butadiene is down to pre-war prices.
@Big_Orrin I think the point she is making is that emissions resulting from operating California refineries are subject to cap & invest. They are fundamentally disadvantaged to the extent emissions > their free allocations in the program.
@Zerosumgame33 1) Extraordinary commodity economics incentivize extraordinary investment (see RD capacity build 2021-2023).
2) Politically constructed market increasingly likely to see political backlash as cost pushes >$0.35/gallon at the pump.
Bust potential on the other side of this boom.
@ALikhodedov@VKMacro@Rory_Johnston In fact you can see large inventory draws and low absolute stock levels coincident with bear market price action, as long as the market has confidence in s/d balance restoration ahead. See coffee and cocoa for recent examples.
@ALikhodedov@VKMacro@Rory_Johnston Do inventory draws matter if the market sees an exit path to builds before "tank bottom" / operational stress point?
Ag markets regularly deal with this problem, where you have a bad crop and need to ration the absolute min amount of demand until you get the next harvest.
@PatrickHeizer What is best practice for intensive LDL reduction for someone without specific risk factors and “normal” cholesterol labs (eg 80 LDL, 70 ApoB)?