Sunday, March 08, 2020

Sunday Night Futures; Oil Prices Collapse

by Calculated Risk on 3/08/2020 06:18:00 PM

For health updates please see the CDC website: Coronavirus Disease 2019.

A huge economic story is the collapse in oil prices.

Weekend:
Schedule for Week of March 8, 2020

Fiscal Policies to Address COVID-19

Monday:
• No major economic releases scheduled.

From CNBC: Pre-Market Data and Bloomberg futures: S&P 500 are down 112 and DOW futures are down 930 (fair value).

Oil prices were down over the last week with WTI futures at $30.23 per barrel and Brent at $31.97 barrel.  A year ago, WTI was at $56, and Brent was at $66 - so oil prices are down about 50% year-over-year.

Here is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are at $2.36 per gallon. A year ago prices were at $2.47 per gallon, so gasoline prices are down 11 cents per gallon year-over-year.