We investigate lossless compression schemes for video sequences. A simple adaptive prediction scheme is presented that exploits temporal correlations or spectral correlations in addition to spatial correlations. It is seen that even with motion compensation, schemes that utilize only temporal correlations do not perform significantly better than schemes that utilize only spectral correlations. Hence, we look at hybrid schemes that make use of both spectral and temporal correlations. The hybrid schemes give significant improvement in performance over other techniques. Besides prediction schemes, we also look at some simple error modeling techniques that take into account prediction errors made in spectrally and/or temporally adjacent pixels in order to efficiently encode the prediction residual. Implementation results on standard test sequences indicate that significant improvements can be obtained by the proposed techniques.