Key Currency Exchange Rates for Friday, 8/25/23

Oil prices were mixed Friday as investors waited to see the potential impact of Tropical Storm Nate on U.S. Gulf Coast oil infrastructure. “As we come into the weekend, the market is focusing on the implications of Tropical Storm Nate and how big any disruptions will be” on crude production and refining capacity, said Richard Mallinson, an analyst at consultancy Energy Aspects. As with Hurricane Harvey in August, the “tendency is for the focus to be more on refinery shutdowns, which is probably more positive for product prices and probably a little bearish for crude prices,” Mr. Mallinson said. Click Read More below for more of the story.

American Dollar to Canadian Dollar = 0.736038; American Dollar to Chinese Yuan = 0.140125; American Dollar to Euro = 1.112109; American Dollar to Japanese Yen = 0.006849; American Dollar to Mexican Peso = 0.051424.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 1.5% in June after falling 1% in May. In June, the index equaled 111.6 (2015=100) compared with 113.3 in May. “Tonnage has definitely flattened out, on average, over the last six to nine months,” said ATA Chief Economist Bob Costello. “The good news is that it remains slightly above 2020 levels. “Supply chain issues are likely putting some downward pressure on tonnage,” he said. “But it is also likely that tonnage isn’t growing as much as it could because of industry-specific supply constraints. This index is dominated by contract freight, and the for-hire truckload carriers have seen their tractor counts fall because they are having difficulty finding qualified drivers. It is difficult to move more tonnage with less equipment, which is why we are seeing strong volumes in the spot market as shippers scramble to get loads moved.”