AAA Daily Fuel Gauge Report for Friday, 10/16/20

American Dollar to Canadian Dollar = 0.761768; American Dollar to Chinese Yuan = 0.155712; American Dollar to Euro = 1.159478; American Dollar to Japanese Yen = 0.009032; American Dollar to Mexican Peso = 0.048153.

American Trucking Associations President and CEO Chris Spear issued the following statement about the California Air Resources Board’s new Clean Truck Partnership: “We’ve long advocated for a single, national standard that respects and preserves interstate commerce. However, the trucking industry shouldn’t be strong armed by the government into an agreement with such terms. “Our association represents motor carrier members – the paying customers who will inherit the costs of this agreement – and we will not roll over nor relinquish our right to litigate with any party when our interests are threatened. It is clear that America has lost its way when the government bullies the private sector to succumb to unachievable timelines, targets and technologies.”

November futures dropped 0.5 percent in New York after climbing 1.6 percent Wednesday. Gasoline supplies dropped a third week to the lowest level since November 2015, while distillate stockpiles fell by the biggest amount since 2011, according to government data. Crude inventories expanded by 4.59 million barrels last week, more than the 3.9 million-barrel gain projected in a Bloomberg survey. U.S. oil production also rose a second week. “The market focused on the sharp recovery in crude demand implied” by the decline in fuel inventories on Wednesday, said Jens Naervig Pedersen, a senior analyst at Danske Bank A/S in Copenhagen. “It adds to the bullish sentiment buoyed by concerns about the Iran nuclear deal and headlines about OPEC looking at a possible extension of output cuts.” U.S. gasoline stockpiles fell by 2.13 million barrels last week to 216.2 million, the Energy Information Administration reported Wednesday. Distillate inventories, a category that includes diesel, dropped by 5.69 million barrels. Crude output expanded by 157,000 barrels a day to 9.51 million a day. Click Read More below for more of the story.