Diesel And Lumber Prices – June 4, 2019

Analysts in the energy sector are holding their breath as they wait to see how the escalating conflict in Libya will affect oil prices.

Libya has been struggling to get oil production back on track since its revolution in 2011. And the head of Libya’s National Oil Corporation (NOC) has now warned that continued violence by renegade forces could wipe out 95% of the country’s oil supply.

According to Paul Horsnell, global head of commodities at Standard Chartered, investors are “clearly ignoring” NOC’s warning, and are therefore not factoring the risk to Libya’s oil supply into global markets.

 

Current diesel national average $3.136 per gallon.

 

Petroleum Prices

 

Diesel and Gasoline (U.S. Averages)

 

Units Current Price 1 Week Ago Change vs. 1 Week Ago
Diesel per gallon $3.136 $3.153 -$0.017
Gasoline per gallon $2.807 $2.822 -$0.015

 

 

Crude Oil & Natural Gas

 

Units Current Price 1 Week Ago Change vs. 1 Week Ago
West Texas Intermediate Crude
(Nymex)
per barrel $52.68 $57.29 -$4.61
Brent Crude 
(ICE)
per barrel $60.69 $68.31 -$7.62
Natural Gas 
(Nymex)
MMBtu $2.42 $2.62 -$0.20

 

 

Lumber Prices

From Random Lengths…Prices in all framing lumber species faltered in the holiday-shortened week, leaving traders frustrated with a messy and oversupplied market. Prices of various random dimension and studs posted double-digit drops.

 

Framing Lumber & Plywood Products

 

Current 1 Week Ago 2 Weeks Ago Change vs. 1 Week Ago
Lumber – Random Lengths $325 $335 $345 -$10
Panels – Random Lengths $348 $350 $352 -$2
Board Feet (per 1000) $313.20 $307.50 $313.60 $5.70

 

 

U.S. Unemployment Rates

 

2019 2018 2017
January 4.0% 4.1% 4.8%
February 3.8% 4.1% 4.7%
March 3.8% 4.1% 4.5%
April 3.6% 3.9% 4.4%
May 3.8% 4.3%
June 4.0% 4.4%
July 3.9% 4.3%
August 3.9% 4.4%
September 3.7% 3.7%
October 3.7% 4.1%
November 3.7% 4.1%
December 3.9% 4.1%

 

Sources: EIA, Trading EconomicsBloomberg

 

 


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