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National Average Diesel Price Per Gallon: $3.32
The crude oil market has flipped.
During past weeks, investors worried about high prices due to shortages of U.S. oil and the possibility of shrinking imports from Iran.
But now, analysts are expecting supply to outstrip demand. The reason? Slowing consumption and expectations that the U.S. will still allow some Iranian crude shipments to continue.
Framing lumber: $337
Panels/plywood: $386
Framing lumber prices remained flat last week. Early on, prices saw a slight rise. But these gains faded as traders traveled to the North American Wholesale Lumber Association’s Trader’s Market in Chicago starting on November 7.
Framing lumber prices likewise failed to make any significant gains (rising only by $1 versus the previous week). Plywood sheathing sales slowed across North America, and only mildly fluctuated in the South.
Consumer sentiment not only beat expectations, but is on track to see its best year since 2000.
The University of Michigan’s consumer sentiment index hit 98.3 in November, better than analyst expectations of 98.
“Income expectations have improved and consumers anticipate continued robust growth in employment,” said Richard Curtin, chief economist for the Surveys of Consumers.
Stable interest rates, which did not change during the Federal Reserve’s meeting on November 8, also bolstered consumer sentiment.
“Helping our clients get jobs done since 1998.”
