Article

Consumers get a boost from lowest gas prices in four years

Wheat prices jump 40 cents in a month.

November 3, 2014 by Alicia Kelso — Editor, QSRWeb.com

The national average for gas today is $2.98. According to AAA, this is the first time the national average has been below the $3 since December 2010.

AAA estimates that this relief is saving consumers at least $250 million per day on gasoline compared to early summer when the national average reached $3.68 per gallon. AAA CEO Bob Darbelnet said the below-$3 news was unexpected and will give a boost to the economy in time for the busy travel/shopping season. 

Here's a glimpse at the market this week.

Cheese

After inching up for two weeks, cheese prices fell like a block last week, averaging $2.12 on the Chicago Mercantile, from $2.26 the week prior.

Prices closed at $2.14 Monday, $2.10 Tuesday, $2.11 Wednesday, $2.13 Thursday and $2.14 on Friday.

Wheat

Conversely, wheat prices continued to rise last week on the Minneapolis Grain Exchange, averaging $5.76, from $5.66 a week prior.

Wheat was $5.36 a month ago.

Last week's prices closed at $5.71 Monday, $5.76 Tuesday, $5.82 Wednesday, $5.77 Thursday and $5.74 on Friday.

Gasoline and diesel fuel

Monday's nationwide average for regular unleaded gasoline is $2.98, a 6-cent drop from the week prior, when prices were $3.04. Gas prices were $3.32 a month ago.

Consumers were paying $3.25 at the pump this time last year, according to AAA and the Oil Price Information Service.

Mid-range unleaded is $3.19 today, while the premium unleaded price is $3.37.

The nationwide average for diesel fuel today is $3.59, down slightly from $3.61 the week prior. Diesel prices are also down from $3.72 a month ago and $3.84 a year ago.

Natural Gas

Spot prices declined at most trading locations across the country during the first half of the report week (Oct. 22-29) amid moderate weather. Some prices increased at the end of the report week, particularly in New England, following a forecast of much colder weather moving into the eastern part of the country. However, the Henry Hub spot price closed Oct. 29 at $3.56/million British thermal units (MMBtu), down 12 cents from $3.68/MMBtu at the beginning of the report week.

At the New York Mercantile Exchange (Nymex), the November 2014 contract ended the week – and its run as prompt month – at $3.728/MMBtu, an increase of $0.069/MMBtu from the previous Wednesday.

Pizza company stocks

Shares in Pizza Hut parent Yum! Brands Inc. closed out last Friday at $69.98, up slightly from $69.25 the week prior. Yum's 52-week high of $83.58 was reached in July. Its low of $65.81 was in early October after its Q3 earnings report that included another China supply chain crisis.

Domino's hit another lifetime high last week, at $89.32, and finished out Friday at $88.88, from $87.30 the previous week. Its 52-week low of $66.18 was a year ago. 

Papa John's finished out last week at $45.79, up big from $41.81 the week prior. PZZA's 52-week high of $55 was in March. Its low of $37.28 was a year ago.

Pizza Inn closed out last week at $6.49, sliding from $7.05 the week prior. The company's 52-week high is $9.09, achieved in November 2013. Its low is $5.38, from March.

Shares in Papa Murphy's closed last week at $9.30, up from $9.07 the week prior. In its seventh month on the NASDAQ, FRSH's high/low is $12.10/$8.08, respectively.

Photo provided by Wikimedia. 

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