AAA Daily Fuel Gauge Report for Friday, 4/5/24

National Average Price for Regular Unleaded Current: $2.456; Month Ago: $2.261; Year Ago: $2.458. National Average Price for Diesel Current: $2.677; Month Ago: $2.569; Year Ago: $2.930

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 1.1% in October after declining 1.1% in September. In October, the index equaled 115.2 (2015=100) compared with 113.9 in September. Compared with October 2022, the SA index fell 2.1%, which was the eighth straight year-over-year decrease. In September, the index was down 4.1% from a year earlier. The not seasonally adjusted index, which represents the change in tonnage actually hauled by the fleets before any seasonal adjustment, equaled 119.7 in October, 6.3% above the September level (112.5). In calculating the index, 100 represents 2015. ATA’s For-Hire Truck Tonnage Index is dominated by contract freight as opposed to spot market freight.

Futures climbed as much as 1.7 percent in New York, paring Wednesday’s 4.1 percent loss. Crude and gasoline inventories both dropped by more than by 5.5 million barrels last week, the American Petroleum Institute was said to report. Government data Thursday is also forecast to show supplies fell. Oil remains in a bear market amid concerns that rising supply from Libya to the U.S. will counter production cuts from the Organization of Petroleum Exporting Countries and its partners including Russia. American crude stockpiles are more than 100 million barrels above the five-year average. Click Read More below for additional detail.