National Average Diesel Price Per Gallon: $2.96
According to the International Energy Agency (IEA), the U.S. is on track to remain the world’s top crude producer in 2019.
“While the other two giants [Saudi Arabia and Russia] voluntarily cut output, the U.S., already the biggest liquids supplier, will reinforce its leadership as the world’s number one crude producer,” the IEA said in a report on January 18.
U.S. crude production has risen in recent months, while global demand for oil has largely remained unchanged.
Framing lumber: $330
Panels/plywood: $367
Trading picked up in some framing lumber products, leading to an index price increase of $3 versus the previous week. However, wholesalers participated in more aggressive purchasing than distributors.
Structural panel trading remained flat, as it has since the December holiday period. The index price only rose $1 versus the previous week.
According to Moody’s Analytics, the federal government shutdown had dragged on long enough where it could start to damage the economy.
“If this drags on into February, March, then growth rates are going to fall to a place where unemployment will start to rise,” said Mark Zandi, Moody’s chief economist. “That’s fodder for recession.”
Meanwhile, the University of Michigan has released a preliminary report on consumer sentiment for January. According to the university’s data, consumer sentiment dropped to its weakest level since the start of Donald Trump’s presidency.
Sources: Random Lengths, EIA, CNBC