National Average Diesel Price Per Gallon: $3.05
After OPEC – along with Russia – announced cuts to oil supplies in December 2018, prices have been steadily edging upward.
However, now the suppliers’ deal to cut production is in jeopardy.
Saudi Arabia agreed to account for the bulk of OPEC’s cuts. But Russia (a non-OPEC nation that also agreed to production cuts) has been slow to follow through on its pledge to do the same.
Torbjorn Soltvedt, principal MENA politics analyst at Verisk Maplecroft, said that any end to Russian-Saudi coordination would likely add significant downward pressure on prices.
| Units | Price | Change | |
|---|---|---|---|
| West Texas Intermediate Crude (Nymex) |
per barrel | $55.56 | -0.08 |
| Brent Crude (ICE) |
per barrel | $65.14 | +0.38 |
| Natural Gas (Nymex) |
MMBTU | $2.88 | +0.04 |
| Units | Price | Change | |
|---|---|---|---|
| Diesel | per gallon | $3.048 | +0.042 |
| Gasoline | per gallon | $2.390 | +0.073 |
| Heating Oil | per gallon | $3.225 | +0.044 |
| Propane | per gallon | $2.429 | -0.002 |
The Presidents Day holiday caused framing lumber trading to get off to a slow start last week. Snow in the Midwest and Northeast regions and rain in the South also slowed down the pace of trading versus the previous week. Despite this, the lumber index price remained unchanged at $377.
Snow and rain also slowed trading in structural panel products. However, cuts in production were enough to keep the index price on an upward trajectory, leading to a price increase of $1 versus the previous week.
Sources: Random Lengths, EIA (1), EIA (2), Bloomberg, CNBC