Key Currency Exchange Rates for Friday, 10/18/24

Futures in New York rose 0.2 percent after a 3.6 percent decline last week. The Sharara field, Libya’s biggest, has started producing again after stopping on Sunday following a closure of the pipeline carrying oil to the Zawiya refinery, according to a person with knowledge of the matter. The halt came shortly after protests disrupted output at another Libyan deposit in February. Libyan production had been surging in recent months, becoming a thorn for the market on concern that further growth could test the country’s pledge to curb production as part of OPEC’s plan to limit a global oversupply. The increase, together with warnings of rising U.S. output from organizations including the the International Energy Agency, has prevented prices from regaining the highs of January even as most OPEC members continue to cut supply. Click Read More below for additional information.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 2.4% in September after rising 0.3% in August. In September, the index equaled 112.9 (2015=100) compared with 110.2 in August. “September’s sequential gain was the largest in 2021,” said ATA Chief Economist Bob Costello. “It is good that tonnage rose in September, but it is important to note that this is happening because each truck is hauling more, not from an increase in the amount of equipment operated as contract carriers in the for-hire truckload market continue to shrink from the lack of new trucks and drivers. “The drivers of truck freight, including retail, construction, and manufacturing, plus a surge in imports, are helping keep demand high for trucking services,” he said.

American Trucking Associations and the entire trucking industry began a weeklong celebration of the 3.6 million professional truck drivers who deliver America’s freight safely and securely every day. ”This week is a time to remind the public of the debt of gratitude owed to these unsung heroes,” said ATA President and CEO Chris Spear. “At a time when confidence in our national institutions sits at a low, and crises of leadership have seemingly become the norm, I’m pressed to find a group of Americans more deserving of our appreciation and respect.” National Truck Driver Appreciation Week, September 12-18, provides the trucking industry an opportunity to formally recognize the efforts of professional truck drivers. State trucking associations, industry suppliers, law enforcement, and motor carriers of all sizes from coast to coast are set to host appreciation events for the men and women who safely deliver 72.5% of the country's total freight tonnage.