According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on April 14, 2023, oil prices moved to a 5-month high mid-week after better-than-expected inflation data boosted optimism for less restrictive Fed action to slow the economy. Natural gas prices continued to be relatively low as US inventories are robust. The latest data shows that US gas inventories were nearly 19% above typical levels for this time of the year, thanks to a mild winter and slowing industrial demand. The combined oil and gas rig count fell by four to 748 in the most recent week.
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American Chemistry Council
The American Chemistry Council (ACC) represents the leading companies engaged in the multibillion-dollar business of chemistry. ACC members apply the science of chemistry to make innovative products, technologies and services that make people's lives better, healthier and safer. ACC is committed to improved environmental, health, safety and security performance through Responsible Care®; common sense advocacy addressing major public policy issues; and health and environmental research and product testing. ACC members and chemistry companies are among the largest investors in research and development, and are advancing products, processes and technologies to address climate change, enhance air and water quality, and progress toward a more sustainable, circular economy.
