According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on March 10, 2023, oil prices were lower amid hawkish statements by Fed Chairman Powell that interest rates could move higher and possibly at a faster rate than previously anticipated. Natural gas futures were also lower on a warmer weather forecast. The combined oil and gas rig count fell by five to 746 during the week ending March 3.
*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 3/9; natural gas stocks and rig count for week ending 3/3.
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