Brent crude prices steadied on Wednesday while WTI futures edged higher, supported by expectations of a fall in U.S. inventories and the continued outage of the North Sea Forties pipeline system. “The API is the reason why the energy complex is slightly up this morning,” said Tamas Varga, analyst with PVM Oil Associates. The American Petroleum Institute said on Tuesday that U.S. crude inventories fell by 5.2 million barrels in the week to Dec. 15 to 438.7 million. Click Read More below for additional information.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 7.4% in December after rising 3.2% in November. In December, the index equaled 120 (2015=100) compared with 111.7 in November. “Tonnage ended last year on a high note,” said ATA Chief Economist Bob Costello. “The index not only registered the largest monthly gain since June, but it also had the first year-over-year increase since March. Freight continues to be helped by strong consumption, a retail inventory restocking, and robust single-family home construction. With the stimulus checks recently issued and with a strong possibility of more in the near future, I would expect truck freight to continue rising.” November’s gain was revised down slightly to 3.2% from our December 22 press release. Compared with December 2019, the SA index rose 2.3%. For all of 2020, compared with the same 12-month period in 2019, tonnage was down 3.3%. 2019 had an annual increase of 3.3%.

Hats off to the drivers who get it done for the business every day. We especially want to acknowledge and honor the 105 drivers at MIDLAND. We could not be successful without your commitment to the work that you do. Thanks very much!