Article

Commodities: Price of gasoline continues to drop

The price for gasoline continues to drop, while cheese prices remain flat. Here’s a look at the rest of the market.

September 14, 2015 by Travis Wagoner — Editor, Networld Media Group

The price for gasoline continues to drop, while cheese prices remain flat. Here’s a look at the rest of the market.

Cheese

Average block cheese remained steady during the week on the Chicago Mercantile Exchange, staying at $1.70 each day.

Wheat

Wheat prices increased 2 cents last week, hitting $4.88 on the Minneapolis Grain Exchange.

Gasoline and diesel fuel

Monday's nationwide average for regular unleaded gasoline was $2.33, down 6 cents from $2.40 the previous week, according to AAA and the Oil Price Information Service.

Prices are also down from $2.65 a month ago, and are significantly lower than this time last year, when consumers were paying $3.40 at the pump.

Mid-range unleaded is down 6 cents to $2.63, while Monday's premium unleaded price was $2.85.

The nationwide average for diesel fuel is $2.54, a drop of 1 cent from a week ago. Diesel prices are also down from $2.66 a month ago, and are more than $1 down from a year ago, when prices were $3.75.

Natural gas

Natural gas spot prices were relatively flat at most market locations over the report week (Wednesday, Sept. 2. through Wednesday, Sept. 9). The Henry Hub spot price began the week at $2.71 per million British thermal units (MMBtu) last Wednesday and ended the week at $2.73/MMBtu.

At the New York Mercantile Exchange (Nymex), the October contract began the report week at $2.648/MMBtu and ended at $2.651 yesterday.

Working natural gas in storage increased to 3,261 Bcf as of Friday, Sept. 4. A net injection into storage of 68 Bcf for the week resulted in storage levels 17 percent above a year ago and 4 percent above the five-year average for this week.
 
The total oil and natural gas rig count fell by 13 from the previous week, with 864 units in service for the week ending Friday, Sept. 4, according to data from Baker Hughes Incorporated. A decline in the number of oil rigs accounted for all of the change in the rig count. Oil rigs decreased to 662 units, while natural gas rigs remained at 202 units.
 
The composite price for natural gas plant liquids at Mont Belvieu, Texas, increased by 56¢/MMBtu to $4.75/MMBtu, up 13.5 percent for the week ending Sept. 4. All natural gas liquids spot prices, with the exception of ethane, rose this week, with natural gasoline up 17.9 percent, propane up 18.6 percent, butane up 13.8 percent and isobutane up 13.4 percent, while ethane dropped 0.5 percent. WTI crude oil prices increased this week by 10 percent, moving above $46/barrel, likely applying some upward pressure to natural gas liquids prices.

Pizza company stocks

Shares in Pizza Hut parent Yum! Brands Inc. closed Friday at $81.43, an increase from last Friday’s $78.89. Shares have dropped more than $2 from four weeks ago when they closed at $83.59.

Domino's finished last week at $110.22, up nearly $5 from last week’s $105.50.

Papa John's increased to $69.71, from last week’s $68.07.

Shares in Papa Murphy’s closed at $16.61, up over $1 from last week’s last week’s $15.13. Three weeks ago it closed at $13.73.

About Travis Wagoner

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Travis Wagoner spent nearly 18 years in education as an alumni relations and communications director, coordinating numerous annual events and writing, editing and producing a quarterly, 72-plus-page magazine. Travis also was a ghostwriter for an insurance firm, writing about the Affordable Care Act. He holds a BA degree in communications/public relations from Xavier University.