Sunday, December 20, 2015

Sunday Night Futures

by Bill McBride on 12/20/2015 07:19:00 PM

From Reuters: U.S. gas prices fall to lowest in more than six years: survey

U.S. gasoline prices dropped by 4 cents to $2.06 a gallon on average in the past two weeks to the lowest in more than six years, according to a Lundberg survey released on Sunday.

The price, for regular grade as of Friday, was the lowest since $2.05 in April 2009 ...
According to Gasbuddy.com, average national regular gasoline prices today are now under $2.00 per gallon.  And prices should fall further over the next few weeks (based on the recent decline in oil prices).

Weekend:
Schedule for Week of December 20th

Lawler: "Yes, Houston will have a problem next year"

Existing Home Sales: Expect a Miss

Goldman Sachs on Fed Funds rate: "Fairly easy path to a second hike in March"

From CNBC: Pre-Market Data and Bloomberg futures: currently S&P futures are up 2 and DOW futures are up 20 (fair value).

Oil prices were down over the last week with WTI futures at $34.66 per barrel and Brent at $36.88 per barrel.  A year ago, WTI was at $57, and Brent was at $59 - so prices are down almost 40% year-over-year.

Here is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are at close to $1.99 per gallon (down about $0.40 per gallon from a year ago). Gasoline prices are now at the lowest level since the financial crisis.