Note: Some yellow journalism sites will trumpet the Barron’s cover this week, but remember that they missed the bottom for auto sales in 2009. Someday I’ll be bearish again (I was a Grizzly bear when I started this blog), but always bearish is mostly wrong!
Oil prices opened sharply lower in early Asian trading hours on Monday after major oil producers ended their meeting in Doha, Qatar, over the weekend without reaching an agreement to cap production.
U.S. crude plunged 6.7% at $37.70 a barrel and Brent was down 6.9% at $40.14 a barrel in early Asian trading.
• Schedule for Week of April 17, 2016
• 10:00 AM, the April NAHB homebuilder survey. The consensus is for a reading of 59, up from 58 in March. Any number above 50 indicates that more builders view sales conditions as good than poor.
Oil prices were down over the last week with WTI futures at $38.26 per barrel and Brent at $40.14 per barrel. A year ago, WTI was at $56, and Brent was at $61 – so prices are down about 33% year-over-year.
Here is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are at $2.12 per gallon (down about $0.30 per gallon from a year ago).