National Average Price Per Gallon: $3.266
Both OPEC and non-OPEC oil producers will be meeting on June 22 in Vienna.
Analysts are expecting attendees to argue over whether to increase production or to maintain oil supplies at current levels.
Saudi Arabia and Russia are reportedly ready to increase oil output. But others, like Iran and Iraq, are against such a move.
“Whether an agreement will be possible in this situation is questionable,” said commodity analyst Eugen Weinberg.
Framing lumber: $582
Framing lumber supply issues caused by a lack of truck and train transport options seem to be easing off. Product loads are finally being shipped more quickly than in previous weeks. The Framing Lumber Composite Price Index briefly ticked upward last week, but fell back to its starting point of $582 by Friday.
Most structural panel traders reported a quiet week of sales. Buyers showed resistance toward the current price levels of certain products, keeping the Structural Panel Composite Price somewhat flat.
According to the Wall Street Journal, unemployment has only fallen to its current rate of 3.8% twice in the last fifty years. When the rate fell to 3.8% for a few years back in the 1960s, it triggered a surge in inflation.
Now, the Federal Reserve has the task of trying to prevent another round of inflation. The Fed is likely to announce on Wednesday that it will be raising its benchmark short-term interest rate to a range between 1.75% and 2%. This is the latest in a series of increases aimed at keeping the economy on an even keel.
Sources: Random Lengths, EIA, CNBC, Wall Street Journal
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