U.S. Chemical Giants Cash In on Oil Feedstock Shock

After years of bleak margins and stock performance, the U.S. chemicals companies have suddenly turned bullish on the prospects of the industry. Cheap and abundant feedstock amid soaring plastics prices make U.S. chemicals producers the immediate winners in the global competition as the Iran war is constraining raw materials and capacity in other regions, which depend on Middle Eastern supply. Higher-cost Asian petrochemicals makers are announcing reductions in capacity runs as their naphtha supply is either too expensive or trapped at the Strait…