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National Average Diesel Price Per Gallon: $3.28
OPEC members – worried about a potential oversupply of oil – are weighing production cuts for the start of 2019.
Saudi Arabia has said the group needs to reduce production by about 1 million barrels per day.
In the past, Nigeria and Libya were both exempt from OPEC production cuts. This is because the two nations were struggling to rebuild after internal conflicts. However, OPEC is now in talks with both countries regarding a production-cut deal.
Framing lumber: $340
Panels/plywood: $385
Framing lumber producers announced both temporary and permanent cuts in output last week. The change shifted the market by incrementally driving up demand as well as prices.
Meanwhile, structural panel trading lacked energy. Prices largely held to the previous week’s levels and only fell by $1.
The number of Americans filing for unemployment benefits rose to a more than four-month high last week.
Claims for state unemployment benefits rose by 3,000, to a total of 224,000 for the week of November 11-17. This is the highest level since the end of June.
The Labor Department said claims in North Carolina and Florida continue to be affected by Hurricanes Florence and Michael, respectively.
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