by Calculated Risk on 11/02/2014 08:30:00 PM

From the SacBee: Sacramento gas prices under $3 per gallon are part of nationwide trend

AAA reported that the average gas price nationally dropped by 33 cents in October, reaching $2.99 on Saturday. That was the first time in four years that the national average dropped below $3.

Nice!

Monday:
• Early, Black Knight Mortgage Monitor report for September.

• All day, Light vehicle sales for October. The consensus is for light vehicle sales to increase to 16.6 million SAAR in October from 16.3 million in September (Seasonally Adjusted Annual Rate).

• At 10:00 AM ET, the ISM Manufacturing Index for October. The consensus is for a decrease to 56.0 from 56.6 in September. The ISM manufacturing index indicated expansion in September at 56.6%. The employment index was at 54.6%, and the new orders index was at 60.0%.

• Also at 10:00 AM, Construction Spending for September. The consensus is for a 0.6% increase in construction spending.

Weekend:
• Schedule for Week of November 2nd

• Retail: October Seasonal Hiring vs. Holiday Retail Sales

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

Oil prices were down over the last week with WTI futures at $80.54 per barrel and Brent at $85.86 per barrel.  A year ago, WTI was at $96, and Brent was at $107 - so prices are down close to 20%  year-over-year.

Below is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are around $2.98 per gallon (down almost 30 cents from a year ago).  If you click on "show crude oil prices", the graph displays oil prices for WTI, not Brent; gasoline prices in most of the U.S. are impacted more by Brent prices.

Orange County Historical Gas Price Charts Provided by GasBuddy.com