Key Currency Exchange Rates for Friday, 5/19/23

Brent and West Texas Intermediate crude futures both slipped after the U.S. benchmark rose 2.7 percent on Tuesday, breaching $60 a barrel for the first time since June 2015. A pipeline run by Waha Oil Company that carries crude to Libya’s Es Sider terminal exploded Tuesday, reducing output by 70,000-100,000 barrels a day. The repair work will take about a week, according to people familiar with the situation. Meanwhile, Saudi Arabia is said to expect oil revenue to jump about 80 percent by 2023 to help the kingdom record its first budget surplus in a decade. “The market is having a counter-reaction to the jump yesterday,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen. “It remains supported by the news out of Libya but at the same time liquidity is very poor.” Click Read More below for additional information.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 0.5% in August after falling 1.1% in July. In August, the index equaled 110.3 (2015=100) compared with 109.8 in July. “August’s monthly gain, while small, was the first since March,” said ATA Chief Economist Bob Costello. “It is important to remember that ATA’s tonnage data is dominated by for-hire contract freight, with a very limited amount of spot market freight. I continue to believe that tonnage has not recovered to pre-pandemic levels for two main reasons - broader supply chain issues, like semiconductor shortages, as well as industry specific difficulties, including the driver shortage and lack of equipment. “Despite some supply chain issues, demand remains strong for trucking services generally. Truckload carriers are operating fewer trucks than a year earlier, which makes it difficult to increase freight volumes significantly,” he said.

National Average Price for Regular – Current: $2.466; Month Ago: $2.571; Year Ago: $2.225. National Average Price for Diesel – Current: $2.738; Month Ago: $2.725; Year Ago: $2.422.