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Sunday Night Futures: Brent Oil Price Lowest Since 2004

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Brent oil prices are now the lowest since June 2004 according to the EIA. WTI prices are the lowest since December 2008 (WTI fell to .28 per barrel on December 23, 2008).

From the USA Today: Gas prices could drop toward a gallon

As oil prices fall, and refinery capacity stays strong, the price of gas could reach a gallon in some areas, a level last reached in 1999. As a matter of fact, the entire states of Alabama, Arkansas, Missouri, Oklahoma and South Caroline have gas prices that average at or below .75.

Weekend:
• Schedule for Week of January 11, 2016

• Question #3 for 2016: What will the unemployment rate be in December 2016?

Monday:
• At 10:00 AM ET, the Fed will release the monthly Labor Market Conditions Index (LMCI).

From CNBC: Pre-Market Data and Bloomberg futures: currently S&P futures are down 15 and DOW futures are down 125 (fair value).

Oil prices were down sharply over the last week with WTI futures at .45 per barrel (lowest since December 2008) and Brent at .92 per barrel (lowest since June 2004).  A year ago, WTI was at , and Brent was also at – so prices are down over 30% year-over-year.

Here is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are at .97 per gallon (down about .20 per gallon from a year ago).  Gasoline prices should decline over the next few weeks based on the sharp decline in oil prices.
Calculated Risk

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