Source: CNBC
Expectations that the U.S. Federal Reserve will soon cut interest rates have bolstered oil prices.
Central bankers will begin their two-day meeting today and are expected to cut interest rates for the first time in more than 10 years. Such a move would lower borrowing costs, which would support fuel consumption across the U.S. economy.
| Units | Current Price | 1 Week Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| Diesel | per gallon | $3.034 | $3.044 | -$0.010 |
| Gasoline | per gallon | $2.715 | $2.750 | -$0.035 |
| Units | Current Price | 1 Week Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| West Texas Intermediate Crude (Nymex) |
per barrel | $57.22 | $56.77 | +$0.45 |
| Brent Crude (ICE) |
per barrel | $64.19 | $63.83 | +$0.36 |
| Natural Gas (Nymex) |
MMBtu | $2.13 | $2.30 | -$0.17 |
Source: Random Lengths
From Random Lengths: Many [traders] agreed a general malaise engulfed the [framing lumber] market, with overall production outstripping demand.
A lack of enthusiasm enveloped trading of structural panels and often led to price cuts to secure orders.
| Current | 1 Week Ago | 2 Weeks Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| Lumber – Random Lengths | $351 | $356 | $359 | -$5 |
| Panels – Random Lengths | $343 | $345 | $344 | -$2 |
| Board Feet (per 1000) | $335.80 | $333.70 | $379.40 | +$2.10 |
| 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 | 3.7% | 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, Random Lengths