Gas prices hit 6-year highs over holiday weekend

 
July 7, 2014 | by Alicia Kelso

The Dow Jones surpassed the 17,000 mark last week on a better-than-expected jobs report. According to CNBC, analysts said the all-time high numbers indicate a full recovery from a slow Q1, driven by severe weather.  

Gas prices have tempered a few cents after flirting with 6-year highs over the Fourth of July holiday. According to the AAA, U.S. drivers paid the most expensive July 4 gas prices since 2008, driven by continued Iraqi violence and higher global petroleum costs. 

Here's a glimpse at the market this week:

Cheese

Cheese prices fell below $2 last week on the Chicago Mercantile, averaging $1.97, from $2.02 the week prior.

Last week’s prices closed at $2 on Monday, $1.98 Tuesday, $1.97 Wednesday and $1.96 on Thursday. The markets were closed Friday for the Fourth of July holiday.

Wheat

The average cost of wheat continued to fall last week, averaging $6.58 on the Minneapolis Grain Exchange, from $6.79 the week prior.

Wheat was near the $8 mark two months ago, and is nearing its low marks from the beginning of the year, when the cost was around $6.02.

Last week, prices closed at $6.67 Monday, $6.57 Tuesday, $6.51 Wednesday and $6.60 on Thursday.

Gasoline and diesel fuel

The nationwide average price for regular unleaded fuel is $3.65, down 2 cents from $3.67 last Monday. According to the AAA and the Oil Price Information Service, prices a month ago were $3.65.

Last year at this time, consumers were paying $3.47 at the pump.

Today's mid-range unleaded is $3.84, down from $3.86 the week prior. Premium gas is $4.01, from $4.03.

Diesel fuel prices are averaging $3.89, down from $3.90 the week prior. The price of diesel fuel was $3.90 a month ago, and $3.81 a year ago.

Natural Gas

Natural gas prices decreased during the report week (June 25 to July 2) at most market locations for the second week in a row. The Henry Hub spot price decreased from $4.57/MMBtu June 25 to $4.39/MMBtu July 2.

At the New York Mercantile Exchange (Nymex), the August 2014 contract began the report week on June 25 at $4.569/MMBtu. By the end of trading July 2, it had decreased by 17.4 cents/MMBtu to $4.357/MMBtu. August took over as the front-month contract on June 27, supplanting the July contract, which settled at expiration at $4.400. The price of the 12-month strip also decreased, from $4.479/MMBtu June 25 to $4.289/MMBtu July 2.

Pizza company stocks

Shares of Pizza Hut parent Yum! Brands Inc. closed out last week at $81.92, up 20 cents from $81.72 the week prior. Yum! hit another fresh 52-week high earlier last week, at $82.13, riding the Wall Street wave. Its 52-week low was a year ago at $64.08.

Domino's finished last week at $73.42, up from $72.12 the week prior. DPZ hit a new lifetime high in March at $80.61. The company's 52-week low was $58.67 a year ago.

Papa John's shares finished last week at $42.67, up from $42.58 the week prior. PZZA hit its 52-week high in March at $55. Its low of $32.78 was a year ago.

Pizza Inn Holdings closed out last week at $6.19, up from $6.07 the week prior. The company’s 52-week high was $9.09 a year ago. It also traded as low as $5.38 a year ago.

Papa Murphy's closed out Friday at $9.78, up from $9.22 the week prior. In its third month on the NASDAQ, FRSH’s high/low is $12.10 and $8.32, respectively.

Photo provided by Wikipedia.


Topics: Cheese , Domino's Pizza , Equipment & Supplies , Food Cost Management , Operations Management , Papa John's , Papa Murphy's Take 'N' Bake Pizza , Pizza Hut , Pizza Inn


Alicia Kelso / Alicia Kelso has been a professional journalist for 15 years. Her work with QSRweb.com and PizzaMarketplace.com has been featured in publications around the world, including Good Morning America, Voice of Russia radio, Consumerist.com and Franchise Asia magazine.
View Alicia Kelso's profile on LinkedIn

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