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February 5, 2019
Diesel Prices
National Average Diesel Price Per Gallon: $2.97
According to BP CEO Bob Dudley, oil prices are set to improve over the coming months.
“I couldn’t predict the oil price,” he said, “but we are planning BP between $50 and $65 [per barrel].”
As of today, Brent crude is trading at $62.22 per barrel, down 0.4%.
OPEC, along with Russia, agreed to output cuts starting in the beginning of January 2019. Meanwhile, the United States has imposed sanctions against Venezuela’s crude oil industry, a move which analysts believe will limit all oil transactions between Venezuela and other nations.
Lumber Prices
Framing lumber: $354
Panels/plywood: $372
Strong trading at the end of January pushed framing lumber prices up sharply (by $18 versus the previous week). Lumber production cuts in the Western Canadian region drove the price jump.
Moderate increases in sales also drove up the price for structural panel prices (by $3 versus the previous week).
Sources: Random Lengths, EIA, CNBC
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