Source: Sam Meredith, CNBC
Russia and other non-OPEC oil-producing countries announced oil supply cuts today. The move, which will last nine months, is designed to strengthen oil prices as the global economy weakens.
OPEC has also agreed to extend production cuts. On Monday, the group announced it will cut oil production through March 2020.
| Units | Current Price | 1 Week Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| Diesel | per gallon | $3.042 | $3.043 | -$0.001 |
| Gasoline | per gallon | $2.713 | $2.654 | +$0.059 |
| Units | Current Price | 1 Week Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| West Texas Intermediate Crude (Nymex) |
per barrel | $58.49 | $58.17 | +$0.32 |
| Brent Crude (ICE) |
per barrel | $64.57 | $65.40 | -$0.83 |
| Natural Gas (Nymex) |
MMBtu | $2.26 | $2.28 | -$0.02 |
Source: Random Lengths
The frenzied pace of trading in many framing lumber species in recent weeks gave way to a calmer tone.
Structural panel prices gained ground amid mixed trends in overall trading. OSB sales slowed from last week’s rapid pace.
| Current | 1 Week Ago | 2 Weeks Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| Lumber – Random Lengths | $354 | $345 | $326 | +$9 |
| Panels – Random Lengths | $342 | $334 | $333 | +$8 |
| Board Feet (per 1000) | $404.60 | $394.30 | $392.30 | $10.30 |
| 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