Key Currency Exchange Rates for Friday, 7/7/23

Motor fuel prices fell 0.7 percent in New York, while crude futures slipped from the lowest closing level in five weeks. Valero Energy Corp. and Citgo Petroleum Corp. were said to be preparing to restart their refineries in Corpus Christi after Harvey moved through over the weekend. The storm, which made landfall on Friday, is poised to regain strength before crashing ashore again near the Texas-Louisiana border on Wednesday. “It is a question of the market reassessing the risk to refineries while also concluding we are past the peak season in terms of demand,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen. “We are seasonally heading towards a lower demand period which means that any signs of things beginning to normalize could have quite a negative impact on prices.” Click Read More below for additional detail.

American Trucking Associations President and CEO Chris Spear issued the following statement about the California Air Resources Board’s new Clean Truck Partnership: “We’ve long advocated for a single, national standard that respects and preserves interstate commerce. However, the trucking industry shouldn’t be strong armed by the government into an agreement with such terms. “Our association represents motor carrier members – the paying customers who will inherit the costs of this agreement – and we will not roll over nor relinquish our right to litigate with any party when our interests are threatened. It is clear that America has lost its way when the government bullies the private sector to succumb to unachievable timelines, targets and technologies.”

American Dollar to Canadian Dollar = 0.781903; American Dollar to Chinese Yuan = 0.155547; American Dollar to Euro = 1.213661; American Dollar to Japanese Yen = 0.009550; American Dollar to Mexican Peso = 0.049477.