National Average Diesel Price Per Gallon: $3.21
On December 3, Qatar’s Energy Minister announced that the country will be withdrawing from OPEC effective January 1, 2019.
Qatar is one of OPEC’s smallest oil producers. However, the country is one of the world’s largest producers of liquefied natural gas.
“This is a major supplier of energy to the world,” said Andy Critchlow, head of EMEA energy content at S&P Global Platts. “In the 20 years that I’ve been covering OPEC, I can’t think of anything that is bigger than this (and) that is a more systemic risk to the future of OPEC.”
Framing lumber: $343
Framing lumber sales were lackadaisical last week. Seasonal slowing left trade activity too sluggish to boost product prices, which only rose by $1 versus the previous week.
The seasonal slowdown also led to measured trading in structural panel products. Buyers’ lack of urgency caused the price from the previous week to drop by $6.
The Bureau of Labor Statistics has released the latest numbers on unemployment rates in U.S. metropolitan areas. Of the 388 metropolitan areas surveyed by the Bureau, 70% had a lower unemployment rate than the previous year.
Nationally, the unemployment rate is at a historic low, falling to 3.5% in October (down from 3.9% a year earlier).
The metropolitan areas with the lowest unemployment rates are:
Ames, IA: 1.1%
Iowa City, IA: 1.4%
Columbia, MO: 1.6%
Burlington, VT: 1.6%
Dubuque, IA: 1.7%
The metropolitan areas with the highest unemployment rates are:
El Centro, CA: 19.2%
Yuma, AZ: 17.7%
Visalia-Porterville, CA: 8.3%
Bakersfield, CA: 6.6%
Hanford-Corcoran, CA: 6.4%
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