According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on January 6, 2023, oil prices were lower on growing concerns about the global economy. Natural gas prices fell to below $4/mmbtu (the lowest in a year) as unseasonably warm temperatures are forecast to continue. The combined oil and gas rig count remained steady at 777 during the week ending 30 December.
| Last Year | Last Week | This Week | Change W/W |
|---|
| Brent Oil ($/bbl) | $81.99 | $81.64 | $78.69 | ▼ |
| Henry Hub ($/mm Btu) | $3.94 | $5.06 | $3.77 | ▼ |
| Competitiveness ratio* | 20.8 | 16.1 | 21.1 | ▲ |
| Natural Gas Stocks | 3,245 | 3,112 | 2,891 | ▼ |
| US Oil & Gas Rigs | 586 | 777 | 777 | ~ |
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 12/29; natural gas stocks and rig count for week ending 12/30.
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Published on January 9, 2023 9:27 AM (GMT+8)
Last Updated on January 9, 2023 9:27 AM (GMT+8)
