Source: Nick Cunningham, OilPrice.com
Oil prices fell sharply last week. However, rumors that Saudi Arabia will take action to stop prices from falling further was enough to stabilize prices in the short-term.
Saudi Arabian energy officials provided no details, but commented that the kingdom is considering “all options” to help bolster oil prices.
| Units | Current Price | 1 Week Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| Diesel | per gallon | $3.011 | $3.032 | -$0.021 |
| Gasoline | per gallon | $2.624 | $2.688 | -$0.064 |
| Units | Current Price | 1 Week Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| West Texas Intermediate Crude (Nymex) |
per barrel | $54.46 | $54.42 | +$0.04 |
| Brent Crude (ICE) |
per barrel | $58.32 | $59.62 | -$1.30 |
| Natural Gas (Nymex) |
MMBtu | $2.12 | $2.12 | +$0.00 |
Source: Random Lengths
From Random Lengths: Framing lumber prices were flat to mildly mixed amid measured follow-through from last week’s more active finish in some species.
Sales were a grind in structural panels, which led to price erosion in a number of markets.
| Current | 1 Week Ago | 2 Weeks Ago | Change vs. 1 Week Ago | |
|---|---|---|---|---|
| Lumber – Random Lengths | $345 | $346 | $351 | -$1 |
| Panels – Random Lengths | $331 | $335 | $343 | -$4 |
| Board Feet (per 1000) | $342.80 | $368.20 | $335.80 | -$25.40 |
| 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 | 3.7% | 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