National Average Price Per Gallon: $3.042
Some analysts are predicting that tensions in the Middle East will lead to the end of OPEC’s voluntary supply cuts sooner rather than later.
“Saudi Arabia-Iran tensions appear to be intensifying. While this provides a geopolitical premium in oil for now, it could develop cracks in OPEC’s unity, which could end the pact prematurely,” said Nitesh Shah, a commodities strategist at ETF Securities.
Shah also predicts that oil prices will “lose steam” for the rest of the year.
Framing lumber: $489
Panels/plywood: $538
Prices for individual framing lumber products were mixed last week, leading to no clear price trends for the lumber market as a whole.
As for structural panel products: a mechanical breakdown at an OSB plant in Oakdale, LA resulted in frenzied trading early last week. But trading calmed down later in the week, and buyer activity lacked urgency overall.
Consumer sentiment eased downward slightly at the end of March.
The University of Michigan’s index tracking consumer attitudes about the economy slipped from 102 to 101.4. The index measures consumers’ attitudes on the future of personal finances, inflation, unemployment, government policies and interest rates.
Analysts attribute the drop to uncertainty about the proposed trade tariffs.
Sources: Random Lengths, EIA, CNBC (1), CNBC (2)