Article

Gas prices are at seven-month lows

Wheat prices also continue to plummet.

September 29, 2014 by Alicia Kelso — Editor, QSRWeb.com

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After jumping by more than a dime in one week, cheese prices tempered a bit last week.

Consumers may also be finding more disposable income as prices at the pump ease up – gas prices are at seven-month lows. According to AAA, this is due to decreased demand, cheaper crude oil prices and the switch over to winter-blend gasoline, which is less expensive to produce.

Here's a glimpse at the market this week.

Cheese

After jumping a dime in one week, cheese prices tempered a bit last week on the Chicago mercantile, averaging $2.34, down from $2.40 the week prior.

Prices closed at $2.39 on Monday, $2.36 Tuesday, $2.34 Wednesday and Thursday, and $2.28 on Friday.

Wheat

Wheat prices continued to drop significantly last week and are averaging their lowest prices in four years on the Minneapolis Grain Exchange, at $5.35. Wheat was $5.56 the week prior and $6.07 two weeks ago. 

Prices were near the $8 mark in Q2.

Last week’s prices closed at $5.36 Monday, $5.34 Tuesday, $5.38 Wednesday, $5.36 Thursday and $5.33 on Friday.

Gasoline and diesel fuel

Monday's nationwide average for regular unleaded gasoline was $3.33, even from $3.33 the week prior. Gas prices were $3.43 a month ago. Consumers were paying $3.40 at the pump this time last year, according to AAA and the Oil Price Information Service. 

Mid-range unleaded was $3.53 on Monday, while the premium unleaded price was $3.71.

The nationwide average for diesel fuel was $3.73, a drop from $3.75 the week prior. Diesel prices are also down from $3.80 a month ago and $3.90 a year ago.

Natural Gas

Prices rose in New England over the Sept. 17-24 report week, with reported restrictions from Algonquin Gas Transmission (AGT). The price at Algonquin Citygate (Boston) rose from $2.64 per million British thermal units (MMBtu) to $4.77/MMBtu to close the week. Prices in the rest of the country stayed closer to their initial marks, with most not moving more than 5 percent in either direction through the week. Transco Zone 6 (New York) fell significantly, however, even as New England rose.

At the New York Mercantile Exchange (Nymex) the price of the near-month (October 2014) contract fell through the week, from $4.013/MMBtu on Sept. 17, to $3.816 on Sept. 23, but rose a dime Sept. 24.

Pizza company stocks

Shares in Pizza Hut parent Yum! Brands Inc. closed out last Friday at $71.54, a dip from $72.64 the week prior. Yum’s 52-week high of $83.58 was reached in July. Its low of $64.08 was a year ago.

Domino's finished last week at $76.30, down slightly from $76.74 the week prior. DPZ hit its 52-week high of $80.61 in March. The company’s 52-week low of $64.89 was a year ago.

Papa John's finished out last week at $40.10, down from $41.67 the week prior. PZZA’s 52-week high of $55 was in March. Its low of $33.88 was a year ago.

Pizza Inn closed out last week at $8.05, an uptick from $7.92 the week prior. The company’s 52-week high is $9.09, achieved in November 2013. Its low is $5.38 in March.

Shares in Papa Murphy's closed last week at $10.26, down slightly from $10.44 the week prior. Shares were $8.46 three weeks ago. In its fifth month on the NASDAQ, FRSH’s high/low is $12.10/$8.08, respectively.

_{Photo provided by CBS Philadelphia.}

About Alicia Kelso

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Alicia has been a professional journalist for 15 years. Her work with FastCasual.com, QSRweb.com and PizzaMarketplace.com has been featured in publications around the world, including NPR, Good Morning America, Voice of Russia radio, Consumerist.com and Franchise Asia magazine.

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