National Average Price for Regular Unleaded Current: $3.326; Month Ago: $3.302; Year Ago: $2.396. National Average Price for Diesel Current: $3.653; Month Ago: $3.584; Year Ago: $2.634.

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.

The American Forest & Paper Association (AF&PA) President and CEO Heidi Brock, representing U.S. pulp, tissue, paper, and paper-based packaging manufacturers, today issued the following statement: “AF&PA appreciates the U.S. government’s engagement in securing an initial EU trade deal that will advance reciprocal, fair and balanced trade between our two economies. As non-tariff trade barrier negotiations continue – and to further support U.S. forest product producers' ability to continue shipping over $3.5 billion in essential products to the EU – we urge the Administration to secure a U.S. exemption from the EU Deforestation Regulation (EUDR). “As recognized by USTR’s April National Trade Estimate Report, EUDR in its current form fails to recognize the realities of robust sustainable forest management (SFM) systems in the United States. Although the United States is not a source of global deforestation concerns, it is subject to many of the same burdensome obligations as countries with high deforestation risks. EUDR’s key compliance barrier, strict geolocation traceability, constitutes a significant non-tariff trade barrier, especially given the nature of U.S. pulp & paper supply chains.