Sunday Night Futures: Oil Prices Lowest Since Feb 2002

by Calculated Risk on 3/29/2020 07:18:00 PM

Weekend:
Schedule for Week of March 29, 2020

Monday:
• At 10:00 AM ET, Pending Home Sales Index for February. The consensus is for a 1.0% decrease in the index.

• At 10:30 AM, Dallas Fed Survey of Manufacturing Activity for March. This is the last of the regional surveys for March.

From CNBC: Pre-Market Data and Bloomberg futures S&P 500 are down 50 and DOW futures are down 409 (fair value).

Oil prices were down over the last week with WTI futures at $20.33 per barrel and Brent at $23.54 barrel.  A year ago, WTI was at $60, and Brent was at $68 – so oil prices are down almost two-thirds year-over-year.  

This is the lowest for WTI since February 25, 2002 (oil prices declined following 9/11)

Here is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are at $1.96 per gallon. A year ago prices were at $2.70 per gallon, so gasoline prices are down 74 cents per gallon year-over-year.

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