According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on April 21, 2023, oil prices eased over the past week but remain higher than before OPEC’s recent surprise announcement to remove an additional 1 million bpd from the market. The lower prices reflected weaker economic news this week and renewed concerns about oil demand from the world’s largest consumer. U.S. natural gas prices were a little higher than a week ago but remain relatively low. Inventories remain robust, with the first inventory build of the year last week. The combined oil and gas rig count continued to slide for a third week in a row, down by three to 745.
