Why the Price of Plastic Is Crashing After a Record Surge

Published Dec 26, 2022, 9:00 AM

Plastic is in almost everything and prices of polypropylene, polyethylene and a host of other polymers went nuts in 2021, surging to record highs. Now they've come crashing back down to Earth and have reached a two-year low. So what happened to send the price of plastics surging, and why are they falling now? Were plastics a perhaps under-appreciated source of inflation given that they go into practically everything? And where does plastic come from anyway? On this episode of the Odd Lots podcast, we speak to Bank of America Commodities Strategist Warren Russell about the wild ride for plastics over the past couple of years, and what it means for the future of the petrochemicals industry.

Hello, and welcome to another episode of the Odd Thoughts Podcast. I'm Tracy Alloway and I'm Joe. Wasn't all Joe? Do you know what a nerdle is? No? Is that like something related to wordle? Uh? No, sounds like a nerdier. A nerdle is. It's like that tiny little pellet or bead of plastic which is used to make bigger plastic items. I had no idea. Yeah, it's It's one of my favorite words, and this episode is really just an excuse for me to say nerdle several times. But today we are going to be talking about the plastics market, which I kind of think is an underappreciated thing in global supply chains but also potentially in inflation. Yeah, it's super interesting because plastics are obviously huge there in everything. They package everything there omni president. But I feel like we don't actually talk about plastics very much. I don't We've never done a plastics episode, And by and large, look when you read the news, you read about commodities or things like that. I don't think there's actually much discussion about the plastics industry, right, So I wrote a tiny bit about it in one It was based off of this great Bank of America note talking about how there was this huge arbitrage opportunity that had opened up between US and European and Asian plastics markets, and the price of plastic at the time was just going absolutely nuts like everything at that time. Since then, it has come crashing down. So we flipped from record high plastic prices too, I think a two year low. So it's kind of similar to what we've seen with a lot of commodities, a lot of different types of consumer goods, which means that we need to check in on what's going on with the market. Let's do it, because, like I said, I'm kind of starting from scratch. I don't know anything. I don't know what a nerdle is, but more importantly, I really don't know anything about it, about the plastics industry at all, which is kind of indefensible for such a such an important part of our lives. We'll just keep saying nerdles. Okay, Well, we have the perfect guest to discuss this. We're going to be speaking with the author of that analyst report that I just mentioned. We're going to be speaking with Warren Russell. He is a commodity strategist at Bank of America, and he's going to give us the lowdown on neurdles and what's going on in the plastic market right now. So Warren, thank you so much for coming on all thoughts, thanks for having me. So maybe just to begin with a very basic question, but when we talk about the price of plastic, what are the sort of ingredients or factors that go into that. Sure, so you know, the primary feedstock for this comes from oil. Um, So when we think about the fundamental pricing of plastic, it comes down to a large degree with what's happening with oil. But there are a lot of other nuances as well with regards to capacity within the plastic space, um, the ability to meet demand. So is there enough capacity to meet demand? Uh? And obviously during the last few years we've had a bit of a challenge doing that, and so you've seen some disconnects in price between what oil is doing and what some of the plastics are doing. So talk to us a little bit more. First of all, um, within the broader world of petroleum consumption. You know, we think about cars, think about jet fuel. How big is plastics and then talk to us about that refining component. Again, we talk about gasoline refining, and we talk about diesel and all that, But in terms of the process for turning oil petroleum into plastics, what do we talk about in terms of capacity, spare capacity, how tights? That got sure? So, UM, I guess I should just start with where this is all coming from. So when when you drill a well, right, you've got most people just think of gas in oil, but you actually have a broad spectrum of what we call hydrocarbons coming out of the ground. And so you'll have the very heavy, viscous stuff that looks like it feels like peanut butter. And then you've got the very light stuff, which is pretty much natural gas or methane UM. And in between you've got uh, just just after methane. We call them hydrocarbon chain. So you start with methane with with one C h t C is ethane, three C is propane uh and and up the stream. UH. The plastics come from the light ends of that. So you you drill a well, you're producing oil, you're producing what we call wet gas. UH. That wet gas is separate out into different streams. So you're gonna split out most of the natural gas. There'll be some ethane in that, but it recovers some methane UH that in the US is used heavily in our pet com industry. You're also producing propane and butane uh and what we call c fives as well. You you know, that is a large component of of the feedstock for for the pet com sector. You also producing some of these feedstock from the refinery to so you know you can pull those other streams. Naptha to a large degree comes from refining to. So can you talk to us about the types of plastics, because there are a bunch of different types, but they all kind of sound similar and have similar acronyms, which is a little confusing. No, I think we have uh. You know, a large focus is on what we call the poly released into our market's polyethylene, polypropylene. So you have these acronyms like HDPE, which is high density polyethylene. You've got low density polyethylene LDPE. You've got linear low density uh that sort of rounds out the polyethylene space. Then you've got polypropylene, which you know that's a polymer version of of propylene, which you can talk about further. And then you've got p ET, which is what we see a lot of plastic bottles made out of UM that is polyethylene tarith alley um. That's not how I would have pronounced that I learned something new. Okay, Well, well I think you've got PBC um, which I think most people are familiar with the polyvinyl chloride um. What else polystyrene? Yeah, because I mean and then there's all sorts of um UM. And so just to be clear, all of these different acronyms, different pollies, etcetera, it's just slightly different purposes. So there's you know, you might have a plastic bottle for like a diet coke or something, and then like I don't know what would be like the clamshell plastic like a baker. Yeah, I mean you can make that UM from one of the blow mo old poly ethylene type. This would this would be a good game to like just throw out items about I think that there are what about like like my daughter's toys, like a dollhouse or something made out of place. I guess it depends, but you know you can you can pull in all sorts of things. For example, with polypropylene, you know that goes into UM. Automotives that goes into what we call the white glove, big ticket items that consume these plastics that are primarily used in packaging. So you, um, the polyethylene polypropylene UM PET are largely consumed by plastic packaging, maybe more UM, and then you sort of branch out into like PVC, which is heavily used in construction. So the okay, but whether it's h d p E or ld P E or PET or PVC or whatever like, it comes from hydrocarbons in the ground and then it gets refined into plastics and then presumably there's like a storage and transportation cost on top of that. Talk to us about what happened in with plastics prices, because this is where I was first introduced to your work. Well, plastics really going gangbusters and lots of interesting things happening in the market. Yeah, I mean there were a lot of things happening sort of all at once. The point that I was making earlier on UM capacity became an issue where uh, the U S sector specifically is susceptible to storms. UM, So we had hurricanes which can take down these these plants. Uh, we had the deep freeze. Uh. If you remember in one UH that also took down plans for a long time, and um, you know that really the market was already sort of tight into that um, meaning we didn't have a whole lot of incremental supply at that time, and these uh, these facilities went down. The US market got very tight um at the same time as the government was stimulating and people were spending their checks on everything plastic um and so you know, that was one thing that really, um, you know, helped drive plastics up to these levels that we haven't seen. You know, those plastic prices were trading at levels where we would have expected them with oil over a hundred dollars barrel at least. So you know, in a way it feels like old news, but maybe it's not. I don't think we actually ever did an episode where we talked about the supply chain impacts of that Texas freeze last March, but it seems like it has come up a number of times in reading things like I think there was something with like uh installation for like homes got really disrupted. Can you talk about like how big of a deal was that? Because I actually think it might be kind of relevant now and we think about normalization. We think inflation as sort of like one of the underdiscussed supply chain disruptions of one of the last year. How long lasting were the impacts of that Texas free I mean, it took a long in the pet camp space. It took a while for the US market to really several months to to start to normalize even into and then we you you know, in the US, we do have a lot of capacity has been coming online over the years. We've never really managed to run it all at full We do struggle to balance the exports and the domestic consumption um but it took a while to get back up. And now in the last just in the last few months, we've gotten up to sort of record high inventories of PE and that's come down a little bit in the lass two months, but still is at very high level. So it did take a while. You know. Another dynamic that people may or may not have mentioned, is the the end consumer or or the company that's making the bottles or um any of the material with those plastic pellets, was you know, in an in an ocrap moment where they're realizing, maybe we should hold more of this on hand, right Inventories exactly, so you had sort of justin tyn in inventory situation, sort of globally moving more towards a just in case. Uh. The unfortunate thing about that was that the just in case time came when they really wasn't whole lot of supplies, so people were sort of disregard price and just buying at all costs. UM. So sounds familiar. So just going back to the market structure for plastics, you know, you were writing about this arbitrage opportunity um, and it was a big arbitrage opportunity, but it was big because it was actually difficult to do UM. And it kind of had to do with the different market prices between the US, Europe, and Asia, which kind of begs the question of is there no like global standard for plastics prices in the same way that we have like Brent versus w T I right now. I mean, this is very regional um rarey regional pricing. There's also pricing that you don't really see uh that transparently either. Um. There's a spot market and then there's a contract market. Uh. And so you know, a large chunk of the plastics volume in the US will be on contract and that's a price that's um agreed upon between the producers of the plastic and the consumers of the plastic. And there's obviously a lot of give and take there, and sometimes there's questions around why prices are what they are based on what you think are the broader fundamentals, but it's very regionalized from that regard um. It's also, uh, you know, it's not like we have the same fungibility that you do with oil. Um. The consumers of plastic maybe set up on a rail line or um, you know, next to a facility, and so there's um synergies there that are hard to arb away UM. So you can't have like a pipeline for neurtles just like yeah, I was gonna because like right, with oil, like there are a diffusion of prices, but it's kind of like they all moved together, whereas we know that with natural gas it's not like that at all. You can just have completely different movements in different directions. And the reason is obviously the sort of fungibility and this sort of like the nature of the global distribution network is much more fragmented. So it's classics. What does that look like such that you can have such persistent wide variations. So I think the issue they had in one was obviously the freight congestion. So um the wide arms on paper looked wide partly because freight was so high. UM. I think another issue that you had there is that, again, if I'm set up to buy pellets a certain way, UM, I may not actually be able to take advantage of inbound pellets from the global market. And don't get me wrong, this market is is there's a lot of trade. But if you're talking about incremental incremental um, uh buying. If you need, for example, to buy poly ethylene from the US Gulf Coast and you're buying it and uh, what call super sacks which are basically these polypropylene sacks that um you put those in a container ship and send them. Are they full of nerdles or something else? Just to be clear in in sort of a quote unquote normal time, like, is there more of a one global price for plastic or is it always going to be this kind of thing where it's not like oil In terms of the spreads, No, I think that you will definitely see the I mean you are seeing the arts come in. UM. So the issue that we have right now, is that this market is over capacity. UM. We've been talking about a market that looked like it should have been an over over supply since maybe was sort of one were these years where you had UM sort of extra demand for goods, which you know, when you line up demand for poly athlene and polypropylene UM, they typically track, you know, directionally with GDP. UH, those those UM demand for those plastics increased or was flat when GDP was down what three point three or whatever percent it was UM, and so you know that was that was sort of a one off dynamic. UM. Now I think we're starting to come full cycle on economic expectations with a downturn expected for next year. UM. You have with with that UH China reopening. Arguably more broadly, you have decongestion in the global UM supply chain, so you don't have quite the same congestion at ports and you know, the box UH, the ability to procure containers was a big issue back two years ago. That's definitely UM not something you hear as much of a problem now. So sort of decongesting all of that should help facilitate narrower spreads between the regions and so and you are starting to see. You know, European prices are are still high, but um, people are moving volumes into Europe to try to capitalize on that. So talk to us about the capacity outlook then, because you've mentioned that a number of times, and I remember when I was based in Hong Kong, there were some stories about China purposely building out it's um polypropylene capacity and and things like that. Is that something that's going to impact the market. I think that's something that has been catching up over the last few years and is now starting to rear its head. I think when you look at both polly athlene and polypropylene, capacity growth still looks fairly robust over the next year or two. UM. So you sort of juxtapose that with what we expect to happen with GDP and actual demand now that the stimulus checks are fizzling out, people are not buying as much online. UM, that demand for plastics is sort of like potentially could come in a little worse uh than than normal trend at a time when capacity is is ramping up. So you know, this is a situation where, um, you may be in h uh an environment where capacity rationalization is required to help sort of short show up the balances. So just on that note, one of one of the PET theories PET, yeah, thank you. One of the PET theories about plastics is that it has been this underappreciated force in um widespread inflation, because plastic packaging goes into almost everything, and you know, if if the dial on plastics is moving up, like relative to the price of the good, it can be quite significant. Is that something that you're aware of or that you would like buy into it as a commodity strategist. Yeah, I definitely buy into that. I think it's all relative. Though, if you're talking about a low value product like a bottle of water, right, um, you know you're going to see a lot more exactly the plastic it was basically yeah, yeah, I mean I don't know what the margins look like for selling plastic water bottles, but arguably the plastic is a much larger input costs there than it would be for let's say some sort of healthcare product that's something that maybe cost seventy dollars a bottle. Um, you know, the rise in plastic price, they could go up you know, a hundred and you may not even notice. Um, So I think the cost passed through for those low value items is probably more likely than something that's more of a premium product. So explain. You know, one of the themes that's come up in our in the show a lot is this idea of like, Okay, we had this pretty dismal growth in the wake of the Great Financial Crisis, and many areas even going into the pandemic, it's seen under investment, under build. But you were saying that in ten there was already talk then of um too much capacity, of a of So can you talk about what was the what were the conditions in such that people were worried about over capacity gluts and then like what's now like how much? How serious and severe is it for the plastics manufacturers, like well, I think it lose pricing power, like talk to us a little bit more about the economic So so in en, I should say, looking at capacity editions, there was a wall of capacity edition both polyothlene polypropylene kicking in one and beyond um so mostly in Asia, a lot of that in Asia, some in the US. We've been building up poly athlene capacity in the US for the last few years on the back of the shale revolution. But you know, you've seen um Asia sort of grinding along at very low margins. Um they saw some margin improvement during the COVID period, but things are back to sort of uh negative or or neutral margin territory right now. And that's that's a symptom of the capacity that's coming online there. Uh and the fact that China was in lockdown, so you you know, in some instances has had China, who's usually a big buyer, potentially being a seller of some of the some of those commodities. So one thing I've been wondering about is if the plastics industry experiences the kind of same existential concerns that the oil industry does in terms of investment and building out capacity, because I think most countries are I should say many countries at this point have said that they want to move away from one use plastics. And you know, we all know that nerdles aren't very could for the environment, and they get in like fish lungs and stuff like that. But if there's a stated goal to move away from plastic production, does that start to impact decisions on whether or not to build out refining capacity. Yeah. Absolutely, It's It's been interesting actually over the last few over the last few years. The solution to oils sort of demand concerns long term was what would have focused on the pet count space, so build up or pet gun capacity. Obviously that's a big risk going forward. You are seeing traction on plastics UM use reduction. I think it really depends on what you're reducing the use of it. The most obvious cases packaging things that you see most visibly floating in the water in all these sort of terrible images that you see. UM that is sort of the low hanging fruit. I would say that the one used plastics UM. You know, what are the alternatives? That's the tricky thing. Are you talking about going back going back to glass? Uh, going back to aluminum UM? You know, oh my god, the worst not no. But in all in all seriousness, there's also bioplastics UM. So bioplastics you sort of split into two categories. One is UM. You're using biomaterial to create a UM sort of a lookalike chemical structure for that basically replaces plastic UM. Arguably that is not very easy to biodegrade UM. But you also have the biodegradable design plastic, which can either degrade sort of in normal environment or in a compost environment and that maybe has a little bit more traction. There's a lot of growth there in that space, but it's very small as a percentage of the global market. It's you know, I would say one percent or maybe less than one percent right now of sort of total plastics. This brings me to something else I wanted to ask, which is how much of our current plastic supply comes from recycled plastic? M That is a good question. Um, you know, we don't recycle a lot of plastic, to be honest, we there's all sorts of figures out there. Most of them seem to sort of center around ten plastics recycled. Um. You know, the waste of plastic relative to um total use is don't know somewhere around I'm just ball parking on an annual basis. Uh so you do get like in a market that's uh, you know, the total markets probably around four dred and fifty million tons or ballpark. Um. You know, the stuff that you're recycling is the pet so or the you know, the plastic bottles that maybe HDPM and it's a lot harder to recycle these uh computer screens or this chair so there's there's real barriers to sort of recycling the broader. You know, you talk about replacing plastics that the low hanging f it is is the stuff that we dispose of. I think the hard part about dealing with that is, uh, you need to make an environment where it's economic to collect, economic to either mechanically or chemically recycled at uh and sort of you know, make it, make it more of a closed loop environment where where a way a ways away from that today and it's going to cost I think a lot too to get there. But that's what really people need to come to grips with is that, you know, Uh, it's gonna come down to diligence from people, you know, as we walk out of this room, making sure we're putting our plastic cup or in a in our recyclable container. Beyond that, it's making sure that the uh, you know, the the plastic recycler can actually recycle it. So is it like a um, a clear shot there or is it going to be something where they're going to spend a lot of money sorting it um and then ultimately um, you know, at the end of the day, they don't break even, you know, just before I just realized, what is the sort of when if someone said what's the price of plastic? And I get the whole we've been talking. There's no one plastic and there's no one global price. Is there like a number that you would say that's like a rough benchmark that you and the industry us. I mean, I typically sort of default to like polyethylene price or he density polyethlene or a polypropolene price. But like you're talking around a thousand dollars a ton and where did it you know, what was that pre crisis and where did it get to it its peak? In ly? Sure? So again, this this comes down to where we are with oil prices, because that's going to dictate on the margin what people can actually operate at. So they need the end product to sell at a certain price to actually keep the margins at a level that allows them to operate. So, you know, we've seen plastics prices above a thousand uh uh dollars a ton for a while. They got up to upboards of two thousand dollars a ton um during sort of the chaos of of one. Now they're sort of down to those levels. Oil prices are obviously a lot higher today. Um well, I should say marginally higher today, but they were a lot higher earlier this year relative to sort of where they weren't history, So this is not really a unseen territory to where we are today. UM could I ask you, know you touched on China reopening, what impact would you expect that to have on the plastics market, because like, it feels like it could affect it in various ways. So on the one hand, you know, maybe you have, um well, exports from China to the US have already been falling a little bit, but maybe you have more domestic consumption because people are going out and buying things, or maybe they're not because they were buying things online while they were stuck at home. You could have capacity ramped up if more people are out and going to factories. How are you sort of parsing that development? I think there's there's definitely several moving pieces here. I think the one that you touched on, the big sort of elephant in the room is the fact that people when they reopen, they may not be buying as much online. So you're not going to have that sort of support for plastics demand. Uh in China. I would expect you know, single use plastics eating eating out that type of plastic used to go back up. UM. I think there's questions around obviously China's real estate market and what construction is going to look like going forward. That's going to have an impact on your construction plastics like PVC. So you know, you may see, UM, even when they reopened, that some of this plastics demand isn't what it used to be during prior years. So what's your outlook overall? Well, I think again it comes back to how much capacity we have coming online. We have you know, five to seven of of capacity growth in the poly athlete poly propel in space. You know, you look, UM, you look at GDP growth expectations and obviously they range from anywhere and the low ones to maybe two and a half m next year real g I think I think that there's definitely room for further margin contraction here. Ultimately, you know, margin contraction tells you one thing, but you know, oil prices at the end of the day will sort of be your lower lower bound for some of this stuff. So just on that note, this might be a slightly odd question, but like given that a lot of plastics comes from oil. Um. And given that, like a lot of plastic consumption is dependent on economic growth and oil is also sort of a play on economic growth, can plastics be like a leading indicator for what people are expecting for the overall economy. I think so. Um, I would say, you're sort of shrouded a little bit now with the capacity that we're trying to sort of work through today. But certainly, um, you're very sort of high up the value chain with plastics. It goes into everything, uh again that we use. So you start to see demand for plastics pick up and margins there pick up, then ultimately I think that may be a nice a nice way to sort of signal hey, I turnaround is coming. So definitely worth keeping an eye on those margins. I just want to just real quickly, you know, go but we talked to you mentioned it, you know, the concerns about single use plastics, the images of huge plastic blobs in the sea. Um, how much teeth you know when you look at what governments around the world are attempting to do on this, how significant is it? Is it a lot of press releases that won't really amount too much and or are there some real curves and in terms of you know, when you think about I don't know the medium term growth of the industry, are some of these environmental E s G concerns going to curtail it in a meaningful way. I think that there is room you sort of extend the timeline out long enough and there will be room for some meaningful reductions. That the issue when look at what drives plastics demand, it's obviously I think population growth is one, but also income per capita is one. UM. You know, over the last fifty years, uh, the plastic industry is sort of like found its way into sort of every nook and cranny of everyday life. But now plastics demand sort of grows it GDP because you know, there's no more like there's I get filled every nooks and crannies that are out there everywhere, right, And so to the extent that um, you know, getting rid of plastics, you have to ask, how do we get here in the first place. Part of it is because they're you know, incredibly dynamic materials UM and they're usually fairly low cost, and so you have to sort of get around that to to um uh make to make in roads for for either replacement or just reduction of use in general. But you know, I guess the other thing that I point out is that it comes also down to UM human beho of your and our ability to UM. You know, if you want to make this a closed loop or closer to a closed loop, we need to we need to do our part to actually spend the time recycling, and we need to build out the recycling capacity and all sorts of other things down the supply chain to make that work. I have one last question, and it's for like my own future educational efforts to learn more about plastics. You know, when I think about oil, I have like a handful of companies in my mind. I understand there's like the big mega oil companies and the pipeline providers, upstream downstream drillers all that, who are like what is the ecosystem with what is the equivalent ecosystem when we're talking about plastics, and like who would be company? Like whose conference calls? Should I read? Start reading to start learning more? Now it's a good question. UM. I would first say that the space, uh, depending on where you're looking, is heavily integrated with refining. So some of the refineries that you may be reading the transcripts on are also the ones that are produced seeing the plastic um. I think there's a lot of and I don't know if I should name names here, but large chemical companies, um you know you name them, uh like a du Pont or something. Is that ad knock? I mean when I was an Abu Dhabi, ad Not made its big move into petro chemicals for exactly the reasons we've been talking about. And then are there separate companies that then like take some sort of like raw like specialize in the molding, like the molding of a specific plastic into like a like yeah, I don't know, like what's the next that's sure to exactly you're taking the buyer of those pellets, who's then uh making a bottle or or a clamshell or sort of you name it. That that's I think a little less integrated than the upstream, right. Uh. There are plenty of companies out there that that sort of sitting in that bucket, but that are sort of plastics or packaging specialists. Right. All right, well, Warren, thank you so much for for kicking off our education on plastics. I'm sure there's going to be more to come, but I really appreciate that. That was great. Thank you for your time. Thank you so much, Joe. I think I have a new ambition in life. I want to build a nerdle pipeline. You can make a fortune. It's like a nerdle pipeline from you know, I don't know where's the in which direction, Where's how do you take advantage of it? You know, since I'm dreaming big, I'm just going to say around the world, the world, It'll go everywhere. Now. But I thought that was a fascinating conversation, and I do. I do think that this might end up being an unappreciated aspect of consumer goods inflation overall, and also just the idea of looking at the plastics market as sort of an early read potentially on the economy and economic growth. That seems interesting too. Yeah, I mean, there were a bunch of interesting things, you know. I do think, like you know, the disruption of that Texas freezers underappreciated. When we talked about a literal storm contributing to the perfect story perfect storm, perfect storm created a perfect storm. It was a perfect storm that contributed to the broader perfect storm, and so how long that took to fade, and then just this idea that like, Okay, you know, we might be in this situation where there's a lot more capacity coming online than the growth, so it's sort of like this this wall of plastic capacity is kind of an interesting theme. And again, whether that inflation turns turns to disinflation over the course of well, that kind of gets back to the like existential questions facing the energy industry as well, which we've been discussing on the podcast, because a lot of oil producers went into petrical petrochemical refining in order to sort of diversify away from just drilling and pulling hydrocarbons out of the ground. But if everyone does that at the same time, is it actually going to be profitable or work. The other thing that I thought was interesting was, you know, the talk about recycling, and I think it was in October that we had Green Peace basically come out and say that plastics recycling doesn't work and we need to find another solution. I'm I'm a recycling skeptic. That's fair. I should I should point out that the plastic cups featured in this episode are in fact recyclable, whether or not anyone is actually making money recycling them and reusing them. Is it is an open question? All right? Shall we leave it there? Let's leave it there? Okay, this has been another episode of the All Thoughts podcast. I'm Tracy Alloway. You can follow me on Twitter at Tracy Alloway and I'm Joe wi Isn't Though. You can follow me on Twitter at the Stalwart. Follow our producers on Twitter Carmen Rodriguez at Kerman Arman and Dash Bennett at Dashbot. Follow all of the podcast is Bloomberg unto the handle at podcasts, and for more odd Lots content, go to Bloomberg dot com slash odd Lots, where we post transcripts of each episode Tracing I Blog. We have a newsletter that we write each week. Every Friday comes out. Subscribe to it. Thanks for listening.

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