This Morning in Metals: US import prices rise 0.7% in November
This morning in metals news: U.S. import prices gained in November; meanwhile, U.S. construction starts surged in November; and, lastly, the Energy Information Administration forecasts record monthly natural gas production in 2022.
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Import prices rise 0.7%
According to the Bureau of Labor Statistics, U.S. import prices gained by 0.7% in November. The rise follows a 1.5% increase in October.
The index for U.S. imports rose by 11.7% over the last 12 months. Import fuel prices rose by 2.0% in November after a jump of 11.1% in October.
“Prices for nonagricultural industrial supplies and materials advanced 2.0 percent in November, driven by higher prices for fuel, nonferrous metals, and chemicals,”
Construction starts jump in November
U.S. privately owned construction starts reached a seasonally adjusted annual rate of 1,679,000 in November.
The November rate marked an 11.8% increase from October. Meanwhile, the November rate increased 8.3% year over year.
Single-family housing rose 11.3% to a rate of 1,173,000.
Rising natural gas production
In energy markets, the Energy Information Administration forecast record high monthly natural gas production in 2022.
“In our December Short-Term Energy Outlook (STEO), we forecast that U.S. dry natural gas production will increase from 95.1 billion cubic feet per day (Bcf/d) in October 2021 to 97.5 Bcf/d by December 2022, a new record high,” EIA reported. “The previous monthly record of 97.2 Bcf/d was set in November 2019.”
In 2020, monthly production fell to a low of 87.3 Bcf/d in May 2020.
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