AAA Daily Fuel Gauge Report for Friday, 6/07/24

American Dollar to Canadian Dollar = 0.794987; American Dollar to Chinese Yuan = 0.150086; American Dollar to Euro = 1.0708866; American Dollar to Japanese Yen = 0.007658; American Dollar to Mexican Peso = 0.051105.

American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index decreased 2.1% in September after rising 1.7% in August. In September, the index equaled 113.2 (2015=100) compared with 115.6 in August. “After increasing a total of 2.1% in July and August, tonnage fell by that amount in September,” said ATA Chief Economist Bob Costello. “Freight has been very choppy this year, but despite the latest drop, tonnage is up 1.8% since hitting a low in January. No doubt, the climb up has been slow and difficult as manufacturing activity remains flat, but the trend is up, not down.” August’s increase was revised down slightly from our September 24 press release. Compared with September 2023, the index fell 0.9%, after rising 0.6% in August from a year earlier.

Futures gained 1 percent in New York after rising 1.6 percent the previous two sessions. The IEA boosted its forecast on stronger-than-expected consumption in Europe and the U.S., and said that inventories of refined products are subsiding to their five-year average. A six-month extension to supply curbs from the end of March is one of the options being considered by OPEC and its allies, according to a person familiar with the matter. Oil in New York has averaged about $49 a barrel this year as efforts to drain a global glut by the Organization of Petroleum Exporting Countries and partners including Russia are stifled by rising shale output. U.S. crude inventories expanded by 6.18 million barrels last week, according to industry data, as oil processors gradually restarted following Harvey. Click Read More below for more of the story.