Key Currency Exchange Rates for Friday, 10/21/22

The American Trucking Associations, through its federation of 50 state associations, called on the governors of every state to prioritize truck parking with their infrastructure spending priorities. In a letter sent to every governor, ATA and state trucking associations spelled out the numerous new resources provided by the federal government, including new funds from the Infrastructure Investment and Jobs Act, to improve and expand truck parking facilities. “Construction of new truck parking capacity at rest areas or adjacent to private facilities is eligible for funding, as are improvements that allow for increased parking capacity at nontraditional locations, such as weigh stations and commuter lots, when appropriate,” the letter said. “Some states have already utilized these resources to increase parking capacity or improve the operational efficiency of existing facilities.”

Futures in New York were little changed, after rising 3 percent the previous two sessions. Libya’s crude loadings from the Mellitah terminal will be “modified” after protests impeded output at the El-Feel field. Cuts by OPEC and its allies may be phased out in 2019 in a way that won’t disturb the market, Saudi oil minister Khalid Al-Falih said. Still, U.S. supply remains a threat, with the nation’s rig count rising for a fifth week to the highest since April 2015. Oil has risen more than 5 percent this year, following a second annual gain, as a drain in U.S. stockpiles and growing demand reassure investors that production cuts led by the Organization of Petroleum Exporting Countries are working. While America continues to pump record volumes, accompanied by an increase in exports, Al-Falih said the global oil market is re-balancing and bloated inventories are shrinking. Click Read More below for additional information.