AAA Daily Fuel Gauge Report for Friday, 3/19/21

UPS announced fourth-quarter 2023 consolidated revenues of $24.9 billion, a 7.8% decrease from the fourth quarter of 2022. Consolidated operating profit was $2.5 billion, down 22.5% compared to the fourth quarter of 2022, and down 27.1% on an adjusted basis. Diluted earnings per share were $1.87 for the quarter; adjusted diluted earnings per share of $2.47 were 31.8% below the same period in 2022. For the fourth quarter of 2023, GAAP results include a total charge of $512 million, or $0.60 per diluted share, comprised of a non-cash, after-tax mark-to-market (MTM) pension charge of $274 million, after-tax transformation and other charges of $154 million, and a non-cash, after-tax impairment charge of $84 million related to our Coyote trade name in our truckload brokerage unit.

American Dollar to Canadian Dollar = 0.800511; American Dollar to Chinese Yuan = 0.157683; American Dollar to Euro = 1.247220; American Dollar to Japanese Yen = 0.009409; American Dollar to Mexican Peso = 0.053997.

Futures rose as much as 1.2 percent to a six-week high, after advancing 2.1 percent on Tuesday. Donald Trump hinted at withdrawal from a deal curbing Iran’s nuclear program as Saudi Arabia’s Mohammed Bin Salman began a U.S. visit. Such a decision would raise the risk of the OPEC member’s oil exports being curtailed by sanctions. The specter of conflict involving giant producers is jolting prices, which have traded in a tight range since February. With the Organization of Petroleum Exporting Countries and its allies concluding that the market will rebalance by the end of September, Citigroup Inc. predicts oil’s recent “sideways” move is unlikely to last. Still, investors will be wary of growth in U.S. supply, which has threatened to undermine OPEC’s efforts to eliminate a global glut. Click Read More below for additional information.