According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on March 17, 2023, the combined oil and gas rig count moved lower (by 3) for the week ending 10 March. Oil prices also moved lower this week as the fallout from the recent banking turmoil continues to create uncertainty about financial conditions. Natural gas futures remained mostly stable as milder weather appears to be on the horizon for the next several weeks. Gas prices are half of what they were a year ago and U.S. inventories have more than caught up (after nearly a year of being lower than average) thanks to the mild winter.
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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.
