Sam Meredith, CNBC
Fears of an economic downturn have started to impact oil consumption. As a result, Brent and U.S. West Texas Intermediate crude futures have fallen almost 20% after reaching their 2019 peaks this spring.
“Uncertainty and volatility are set to prevail, and the immediate price outlook remains anything but clear,” said Tamas Varga, senior analyst at PVM Oil Associates.
| Units | Current Price | 1 Week Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| Diesel | per gallon | $3.105 | $3.136 | -$0.031 |
| Gasoline | per gallon | $2.732 | $2.807 | -$0.075 |
| Units | Current Price | 1 Week Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| West Texas Intermediate Crude (Nymex) |
per barrel | $53.41 | $52.68 | +$0.73 |
| Brent Crude (ICE) |
per barrel | $62.17 | $60.69 | +$1.48 |
| Natural Gas (Nymex) |
MMBtu | $2.36 | $2.42 | -$0.06 |
From Random Lengths: …Prices of framing lumber sagged under the weight of production. Demand strengthened marginally in some markets, but weather continued to stifle activity in others.
| Current | 1 Week Ago | 2 Weeks Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| Lumber – Random Lengths | $319 | $325 | $335 | -$6 |
| Panels – Random Lengths | $341 | $348 | $350 | -$7 |
| Board Feet (per 1000) | $343.30 | $313.20 | $307.50 | $30.10 |
| 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 | 3.6% | 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: EIA, Trading Economics, Bloomberg