Cameron, coming to you next, I mean, is it a similar picture, that kind of difficult marriage, as it were, between high costs and low demand? And what challenges are you also seeing on the supply side, especially for glycoethers?

Yeah, I think in many ways there are a lot of similarities to what Marion has already described so far.

I think...

In terms of the glycol ether's picture in particular, there have been a few developments in October which have been interesting relating to supply and demand has sort of taken a backseat in terms of sort of pricing discussions over the last few weeks.

So in the last couple of weeks or last 10 days, I should say, we have had a force majeure declaration in the US at the Aeneos Bay port facility And at least for the time being, the market's reaction to that has been muted.

But the majority of imports in terms of glycol ethers that do arrive into Europe are from the US.

So it is relevant to the European market.

How has the Galaqua Ethers market shaped up in August?

Hi, Marion.

Yeah, I think For August and the butyl glycol ethers, generally speaking, it's been relatively subdued.

Market activity has been limited.

Availability, for the most part, has been fine.

And underlying demand, again, has been sluggish.

So really, the focus has been on shifting availability patterns over the past few weeks.

Is it very much a similar sort of picture in terms of feedstock, summer and uncertainty, or is there anything else happening and going on?

Hi, Matt.

Yeah, I think there is certainly still a strong undercurrent of uncertainty related to what's going on in the Middle East and the wider Persian Gulf situation for the time being.

So I think some end users are still choosing to sort of sit it out and wait and see over the next few weeks or wait and see until the autumn, holding off on purchases or additional spot purchases or at least trying to for the time being because there was this expectation that we go back a month after the MOU was signed that that was more or less it and things would gradually begin to de-escalate and tensions would ease and feedstock prices would trend lower and pricing on the glycol ethers would sort of gradually continue to revert to normal or let's say levels that we would consider reflecting a new normal.

closer to prices we saw in January and February, but that has not exactly transpired the way that many thought, and feedstock prices have seen another spike higher.

The transits through the straits have dropped, so there is a lot of uncertainty moving forward, but I think for the time being, concern remains subdued in the glycol ethers market regarding availability.

The majority of participants do not fear or are not particularly concerned about near-term availability moving forward into the mid to late summer period and out beyond that.

market.