According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on November 11, 2022, oil prices were lower this week on an inventory build in U.S. commercial stocks and renewed COVID concerns in China. Natural gas prices were also lower on a mild near-term weather forecast, and higher-than-expected storage injections. With last week’s inventory build, U.S. gas inventories are now only 2.1% below average. The combined oil and rig count rose by two to 768 during the week ending 11/4.
| Last Year | Last Week | This Week | Change W/W |
|---|
| Brent Oil ($/bbl) | $82.91 | $98.57 | $93.85 | ▼ |
| Henry Hub ($/mm Btu) | $4.56 | $6.46 | $6.13 | ▼ |
| Competitiveness ratio* | 18.2 | 15.4 | 15.3 | ▼ |
| Natural Gas Stocks | 3,617 | 3,501 | 3,580 | ▲ |
| US Oil & Gas Rigs | 550 | 766 | 768 | ▲ |
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 11/10; natural gas stocks and rig count for week ending 11/4.
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Published on November 14, 2022 9:25 AM (GMT+8)
Last Updated on November 14, 2022 9:27 AM (GMT+8)
