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AlwaysFree: American Chemistry Council (ACC) Weekly Chemistry & Economic Trends (December 23, 2022) - Energy

Author: SSESSMENTS

According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on December 23, 2022, while prices for natural gas rose earlier in the week in anticipation of extremely cold temperatures from the Arctic bomb cyclone, prices eased later in the week on expected milder temperatures going into the last week of the year and early-2023. Oil prices, which were lower earlier in the week on concerns that China’s Covid outbreak will curb oil demand, were boosted on a larger than expected draw of U.S. crude oil inventories. The combined oil and gas rig count fell by four to 774 during the week ending December 17th.

Last YearLast WeekThis WeekChange W/W
Brent Oil ($/bbl)$73.71$81.84$81.64
Henry Hub ($/mm Btu)$3.79$6.74$5.06
Competitiveness ratio*18.912.116.1
Natural Gas Stocks3,3703,4123,325
US Oil & Gas Rigs579778774
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 12/22; natural gas stocks and rig count for week ending 12/16.

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

Published on December 26, 2022 9:28 AM (GMT+8)
Last Updated on December 26, 2022 9:28 AM (GMT+8)