National Average Diesel Price Per Gallon: $3.076
Will electric vehicles negatively impact oil prices? Saudi Arabia’s Aramco – which is the world’s largest oil company – says no.
The transport industry accounts for more than 50% of oil demand. And Morgan Stanley forecast that by 2025 there could be 36 million electric vehicles on the road globally.
However, Aramco believes electric vehicles aren’t ready to overtake the traditional engine.
“The consensus from forecasters is that the internal combustion engine will be with us for decades to come,” said Aramco’s Chief Technology Officer Ahmad Al Khowaiter. “We are still expecting 90 percent of vehicles to be driven by ICE by the mid-century.”
| Units | Price | Change | |
|---|---|---|---|
| West Texas Intermediate Crude (Nymex) |
per barrel | $56.61 | -0.08 |
| Brent Crude (ICE) |
per barrel | $65.46 | -0.21 |
| Natural Gas (Nymex) |
MMBtu | $2.85 | -0.01 |
| Units | Price | Change | |
|---|---|---|---|
| Diesel | per gallon | $3.076 | +0.028 |
| Gasoline | per gallon | $2.422 | +0.032 |
| Heating Oil | per gallon | $3.231 | +0.006 |
| Propane | per gallon | $2.430 | -0.001 |
Harsh winter weather in February continued to put a damper on softwood lumber trading. This led the framing lumber index price to drop by $6. Structural panel products saw similarly slow trading, leading to no change in prices versus the previous week.
| Current | 1 Week Ago | 2 Weeks Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| Framing Lumber Index | $371 | $377 | $377 | -$6 |
| Structural Panel Index |
$378 | $378 | $377 | $0 |
Sources: Random Lengths, EIA (1), EIA (2), Bloomberg, CNBC