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AlwaysFree: American Chemistry Council (ACC) Weekly Chemistry & Economic Trends (December 2, 2022) - Energy

Author: SSESSMENTS

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According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on December 2, 2022, oil prices were up from a week ago and the EU has tentatively agreed to a $60/barrel price cap on Russian crude. OPEC+ will meet again on Sunday and is widely expected to adhere to its current plans to reduce production by 2 million BPD. U.S. natural gas prices eased compared to a week ago on solid production gains. The combined oil and gas rig count rose by four to 627. 

Last YearLast WeekThis WeekChange W/W
Brent Oil ($/bbl)$69.53$83.75$87.44▲
Henry Hub ($/mm Btu)$4.31$6.80$6.73▼
Competitiveness ratio*16.112.313▲
Natural Gas Stocks3,5133,5723,513▼
US Oil & Gas Rigs569623627▲
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 12/1; natural gas stocks and rig count for week ending 11/25.

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

Published on December 5, 2022 9:34 AM (GMT+8)
Last Updated on December 5, 2022 9:34 AM (GMT+8)

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