Key Currency Exchange Rates for Friday, 12/08/17

The immediate future of the global supply chain rests on a bargaining table in San Francisco, where the union representing all West Coast dockworkers is hashing out a new contract with the assembled bosses of maritime shipping. The current contract, which covers the International Longshore and Warehouse Union’s more than 22,000 workers at the 29 ports dotting the Pacific coast of the U.S., is set to expire July 1. At stake is the continuing flow of goods into the country, after two years of disruptions to the supply chain from pandemic lockdowns, material shortages, soaring fuel prices and the occasional giant ship getting stuck in the Suez Canal. Forty percent of all U.S. maritime imports pass through the West Coast ports, with more than 30% of all containerized imports arriving at the Ports of Los Angeles and Long Beach, which together make up the nation’s largest port complex.

National Average Price for Regular Unleaded Current: $2.604; Month Ago: $2.389; Year Ago: $2.450. National Average Price for Diesel Current: $2.822; Month Ago: $2.625; Year Ago: $2.879

“The U.S. oil rig count, a key indicator for trader sentiment, exhibited a rather large weekly decline,” said analysts at consultants JBC Energy GmbH in Vienna. “At least in the short term, this dynamic should help protect the downside to crude prices. The more pressing question may be how much higher prices can climb before the gravitational forces of global supply and demand can start to form an upper limit.” West Texas Intermediate for October delivery rose as much as 44 cents, or 0.9 percent, to $50.33 a barrel on the New York Mercantile Exchange, and traded for $49.91 at 10:43 a.m. London time. On Sept. 14, it reached $50.50, the highest since May 25. Total volume traded was about 26 percent below the 100-day average. Click Read More below for additional detail.