According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on December 9, 2022, oil prices eased compared to a week ago and are now at their lowest level of 2022. Growing concern about a recession in 2023 offset several factors which would normally raise oil prices, including a shutdown of the Keystone pipeline, relaxed COVID restrictions in China, and Sunday’s announcement from OPEC+ that it would maintain its previously announced production cut of 2 million BPD. U.S. natural gas prices were lower from a week ago and U.S. natural gas inventories are only slightly below normal for this time of the year. The combined oil and gas rig count was steady at 782 rigs during the week ending 12/3.
