National Average Price Per Gallon: $3.285
Uncertainty is plaguing oil markets. Analysts are watching closely to see how both rising U.S. oil output and OPEC production shortfalls will affect markets through the end of the year.
OPEC will meet in Vienna on June 22 to decide if the group should raise output to make up for possible supply shortfalls from Iran and Venezuela.
“All roads lead to higher global oil supplies, which is leaving oil traders shaking in their boots,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.
Framing lumber: $582
Panels/plywood: $570
The Memorial Day holiday slowed trading in the framing lumber market. Prices are continuing to rise thanks to high seasonal demand, but at a slower pace than before the three-day holiday weekend.
Trading in the structural panel market was likewise sluggish. However, tight supply continues to bolster prices.
The Bureau of Labor Statistics highlighted an exceptionally strong job market in its May 2018 jobs report. Unemployment fell to 3.8%, which is the lowest in 18 years.
Some analysts believe the unemployment rate may fall even more.
“The labor market is tightening rapidly and declines in the unemployment rate are likely to continue, but at a slower pace,” wrote Ben Herzon of IHS Markit.
Sources: Random Lengths, EIA, CNBC (1), CNBC (2)