According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on May 12, 2023, oil prices, which had risen earlier in the week, dropped on Thursday as a political standoff over the U.S. debt ceiling continues. U.S. natural gas prices fluctuated throughout the week, as concern of an economic slowdown continues, but closed slightly higher than a week ago. Natural gas inventories continued to build as demand for natural gas declines, heading into the summer months. The combined oil and gas rig count fell by 7 to 745.
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