Food for thought:
If refinery capacity in Russia and now Saudi is being hit, Chinese teapots aren't aggressive exporters and CRAKs remain high, do you want to explicitly buy oil companies (disclosure: I own some oil companies and crude calls)? If you can't refine oil you can't do much with it.
I'm already invested in fertilizer and am considering adding more exposure and may dabble in chemicals. Oil is the obvious play but it may not be THE play. And I see more interesting setups in fertilizer, specifically some which would do just fine even if there was no war ongoing. More to come on this front.
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7July 26, 2026 979 1
