AAA Daily Fuel Gauge Report for Friday, 11/19/21

National Average Price for Regular – Current: $2.358; Month Ago: $2.260; Year Ago: $2.130. National Average Price for Diesel – Current: $2.525; Month Ago: $2.444; Year Ago: $2.295.

India’s imports of African crude oil in October plunged to their lowest in over four years, with the world’s No.3 oil consumer increasingly turning to cheaper supplies from the United States and heavier Middle Eastern grades, ship tracking data showed. U.S. crude production has soared more than 14 percent since mid-2016 to 9.65 million barrels per day (bpd), altering trade routes as its relatively cheap and light grades become a viable import option for Asian refiners. “Earlier in Asia, West African oil was competing with Middle East grades, but now it has a new competitor: the U.S.,” said Ehsan Ul-Haq, director of crude oil and refined products at consultancy Resource Economist. 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.