AAA Daily Fuel Gauge Report for Friday, 1/12/18

American Dollar to Canadian Dollar = 0.794905; American Dollar to Chinese Yuan = 0.152801; American Dollar to Euro = 1.177823; American Dollar to Japanese Yen = 0.009112; American Dollar to Mexican Peso = 0.048245.

Front-month crude futures rose 0.7 percent in New York, paring Thursday’s 2 percent decline. Gasoline gained as much as 4.6 percent. While some oil and gas production has shut in the Gulf, the storm is bearing down on an area in the U.S. state of Texas that is home to much of the nation’s refining capacity. If Harvey, currently a Category 2, makes the forecast landfall as a Category 3, it will be the strongest storm to hit since Wilma in 2005. U.S. gasoline prices for September rose to $1.7120 a gallon, the highest intraday price for a front-month contract since April. Ultra-low-sulfur diesel climbed as much as 2 percent to $1.6530 a gallon. Click Read More below for more of the story.

West Texas Intermediate futures were little changed, having climbed above $60 a barrel on Tuesday for the first time since 2015. The pipeline, which carries crude to Libya’s biggest export terminal, is said to need about a week for repairs. The operator of the critical Forties Pipeline System in the North Sea lifted all restrictions on flows caused by a crack earlier this month. Libya’s production dropped to 950,000 barrels a day on Wednesday, a person directly involved in the matter said. Output was 1.08 million barrels a day as of Dec. 18, indicating a decline of 12 percent. Loadings at Es Sider port are said to be down about 50 percent. The port was scheduled to ship 13 cargoes this month, each carrying 600,000 barrels of crude, according to a loading plan obtained by Bloomberg. Click Read More below for additional information.