AAA Daily Fuel Gauge Report for Friday, 10/9/20
National Average Price for Regular Unleaded Current: $2.189; Month Ago: $2.213; Year Ago: $2.646. National Average Price for Diesel Current: $2.385; Month Ago: $2.421; Year Ago: $3.001.
https://gasprices.aaa.com/
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Oil Edges up Towards $49, U.S. Drilling Slowdown Supports
Oil edged up to about $49 a barrel on Monday as fewer drilling rigs were added in the United States, helping ease concerns that surging shale supplies will undermine OPEC-led production cuts.
U.S. drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes (BHGE.N) said on Friday. RIG-OL-USA-BHI Rig additions in the past four weeks averaged five, the slowest pace since November.
Expectations that a long-awaited crude market rebalancing was under way was also bolstered by the sharp drop in U.S. crude inventories in the week to July 7.
ATA Truck Tonnage Index Decreased 1.2% in July
American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 1.2% in July after falling 2% in June. In July, the index equaled 109.8 (2015=100) compared with 111.1 in June. “Softness in tonnage over the last few months is due more to supply constraints, rather than a big drop in freight volumes,” said ATA Chief Economist Bob Costello. “Not only are there broader supply chain issues, like semiconductors, holding tonnage back, but there are also industry specific difficulties, including the driver shortage and lack of equipment. For-hire truckload carriers are operating fewer trucks than a year earlier. It is difficult to haul significantly more freight with fewer trucks and drivers. “In addition to these supply issues, retail sales and housing starts, both large drivers of truck freight, retreated in July, although both rose on a year-over-year basis,” he said. June’s reading was revised down to -2% from our July 20 press release. Compared with July 2020, the SA index fell 2.9%, which was the first year-over-year drop since March. In June, the index was flat from a year earlier. Year-to-date, compared with the same seven months in 2020, tonnage is down 0.2%.