National Average Diesel Price Per Gallon: $3.16
Citi is warning that weak demand outlook and growing output of shale oil from the U.S. could lead OPEC to cut production again in 2019.
“[OPEC is] going to have to re-address this issue sometime next year…it may be by April they’re going to have to confront another cut,” said Ed Morse, Citi’s global head of commodities research.
Framing lumber: $340
Panels/plywood: $370
Demand for both framing lumber and structural panels remains light as the holiday season approaches. Mill offerings were ample to abundant, which meant buyers felt no urgency to place orders.
With the unemployment rate below 4%, many retailers continue to struggle to find enough seasonal workers for the holidays. However, at least one major retailer surpassed its hiring target: Kohl’s.
The company said it was able to hire more than 90,000 people to fulfill the heightened demand at its stores and distribution centers. The company credited its staffing success to offering employees an immediate 15% discount on purchases. In addition, the company is offering a 35% discount from December 13 to December 16.
Target also said in late November that it hit its hiring targets for the holidays. The company brought on 120,000 workers.