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Source: Huileng Tan, CNBC
Oil prices jumped this week after the Saudi Energy Minister indicated that OPEC will continue to limit supply. The energy minister’s comments come after OPEC and its allied oil-producing countries agreed to reduce output by 1.2 million barrels per day for six months starting on January 1, 2019.
Analysts also expect Iranian oil exports to drop further this month, and for output coming out of Venezuela to also drop due to U.S. sanctions.
Petroleum Prices
Diesel and Gasoline (U.S. Averages)
| Units | Current Price | 1 Week Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| Diesel | per gallon | $3.163 | $3.160 | -$0.003 |
| Gasoline | per gallon | $2.852 | $2.866 | -$0.014 |
Crude Oil & Natural Gas
| Units | Current Price | 1 Week Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| West Texas Intermediate Crude (Nymex) |
per barrel | $63.36 | $61.93 | +$1.43 |
| Brent Crude (ICE) |
per barrel | $72.30 | $71.61 | +$0.69 |
| Natural Gas (Nymex) |
MMBtu | $2.64 | $2.66 | -$0.02 |
Lumber Prices
Framing Lumber & Plywood Products
| Current | 1 Week Ago | 2 Weeks Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| Lumber – Random Lengths | $345 | $352 | $353 | -$7 |
| Panels – Random Lengths | $352 | $353 | $353 | -$1 |
| Board Feet (per 1000) | $313.60 | $342.30 | $336.70 | -$28.70 |
U.S. Unemployment Rates
| 2019 | 2018 | 2017 | |
|---|---|---|---|
| January | 4.0% | 4.1% | 4.8% |
| February | 3.8% | 4.1% | 4.7% |
| March | 3.8% | 4.1% | 4.5% |
| April | 3.6% | 3.9% | 4.4% |
| May | – | 3.8% | 4.3% |
| June | – | 4.0% | 4.4% |
| July | – | 3.9% | 4.3% |
| August | – | 3.9% | 4.4% |
| September | – | 3.7% | 3.7% |
| October | – | 3.7% | 4.1% |
| November | – | 3.7% | 4.1% |
| December | – | 3.9% | 4.1% |
Sources: Random Lengths, EIA, Trading Economics, Bloomberg
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