How these costs move together
Correlation of 12-month changes since January 2016, with the cost driver leading by up to nine months. 1.0 means the two always move together; the last column shows how the link has held up since 2023.
| Driver | Cost | Strongest link | Timing | Same month | Since 2023 |
|---|---|---|---|---|---|
| WTI crude oil | Basic organic chemicals | 0.87 | one month later | 0.82 | 0.73 |
| WTI crude oil | Petrochemical manufacturing | 0.86 | one month later | 0.79 | 0.71 |
| WTI crude oil | Chemicals and allied products | 0.84 | one month later | 0.79 | 0.61 |
| WTI crude oil | Plastic resins and materials | 0.76 | one month later | 0.73 | 0.59 |
| WTI crude oil | Iron and steel | 0.69 | in the same month | 0.69 | 0.43 |
| WTI crude oil | Grains | 0.70 | one month later | 0.63 | 0.26 |
| WTI crude oil | Final demand | 0.69 | one month later | 0.64 | 0.66 |
| WTI crude oil | Cpi all items, seasonally adjusted | 0.60 | 7 months later | 0.48 | 0.13 |
| WTI crude oil | Food manufacturing (naics 311) | 0.63 | 4 months later | 0.45 | -0.21 |
| WTI crude oil | Industrial electric power | 0.57 | 9 months later | 0.26 | -0.33 |
| WTI crude oil | Henry Hub gas | 0.49 | 2 months later | 0.43 | -0.07 |
| Henry Hub gas | Industrial natural gas | 0.82 | one month later | 0.72 | 0.55 |
| Henry Hub gas | Chemicals and allied products | 0.65 | in the same month | 0.65 | 0.41 |
| Henry Hub gas | Basic organic chemicals | 0.60 | in the same month | 0.60 | 0.35 |
| Henry Hub gas | Food manufacturing (naics 311) | 0.67 | 4 months later | 0.61 | 0.47 |
| Henry Hub gas | Industrial electric power | 0.58 | 8 months later | 0.24 | -0.39 |
| Henry Hub gas | Cpi all items, seasonally adjusted | 0.59 | 6 months later | 0.40 | -0.50 |
| Chemicals and allied products | Cpi all items, seasonally adjusted | 0.79 | 6 months later | 0.59 | 0.02 |
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