National Average Diesel Price Per Gallon: $3.070
Oil markets are in a state of anticipation as traders analyze the latest comments from Saudi Arabia’s Energy Minister Khalid Al-Falih.
Al-Falih said on Sunday, March 17 that OPEC and its non-OPEC allied producers will “stay the course” in terms of their plan to cut production in an effort to stabilize oil prices.
“$60-70 is the pain threshold that works both for the U.S. (and OPEC),” Christyan Malek of JPMorgan said in response. “[Saudi Arabia wants to] protect the price around $70 and therefore we don’t see that changing even in the context of U.S. production moving higher.”
| Units | Current Price | 1 Week Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| West Texas Intermediate Crude (Nymex) |
per barrel | $59.04 | $67.34 | -8.30 |
| Brent Crude (ICE) |
per barrel | $67.59 | $67.22 | +0.37 |
| Natural Gas (Nymex) |
MMBtu | $2.86 | $2.76 | +0.10 |
| Units | Current Price | 1 Week Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| Diesel | per gallon | $3.070 | $3.079 | -0.009 |
| Gasoline | per gallon | $2.548 | $2.471 | +0.077 |
| Heating Oil | per gallon | $3.229 | $3.234 | -0.005 |
| Propane | per gallon | $2.414 | $2.425 | -0.011 |
Framing Lumber: $362
Structural Panels/Plywood: $377
Framing lumber trading picked up, but only is markets experiencing warmer weather after several weeks of snow and rain throughout most of the country. Recent snowstorms in the Northeast continued to depress trading in that market.
Price trends were mixed in the structural panel market, leading only to mild price shifts and measured trading.
| Current | 1 Week Ago | 2 Weeks Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| Framing Lumber Index | $362 | $364 | $377 | -$2 |
| Structural Panel Index |
$377 | $378 | $378 | -$1 |
Sources: Random Lengths, EIA (1), EIA (2), Bloomberg, CNBC