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AlwaysFree: American Chemistry Council (ACC) Weekly Chemistry & Economic Trends (January 6, 2023) - Energy

Author: SSESSMENTS

According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on January 6, 2023, oil prices were lower on growing concerns about the global economy. Natural gas prices fell to below $4/mmbtu (the lowest in a year) as unseasonably warm temperatures are forecast to continue. The combined oil and gas rig count remained steady at 777 during the week ending 30 December. 

Last YearLast WeekThis WeekChange W/W
Brent Oil ($/bbl)$81.99$81.64$78.69
Henry Hub ($/mm Btu)$3.94$5.06$3.77
Competitiveness ratio*20.816.121.1
Natural Gas Stocks3,2453,1122,891
US Oil & Gas Rigs586777777~
Description: *The ratio of Brent oil price to Henry Hub natural gas price is a proxy for U.S. Gulf Coast petrochemical competitiveness. As a rough rule of thumb, when the ratio is above 7, the U.S. is comparatively advantaged. When it is below 7, the reverse is true. Energy prices as of 12/29; natural gas stocks and rig count for week ending 12/30.

Tags: All Chemicals,All Products,AlwaysFree,Americas,English,US

Published on January 9, 2023 9:27 AM (GMT+8)
Last Updated on January 9, 2023 9:27 AM (GMT+8)