Key Currency Exchange Rates for Friday, 3/9/18

Crude had risen since late last week as tensions in Iraq, OPEC’s second-largest producer, led to the halt of production at two Kirkuk fields. The resulting export curbs pushed oil in the U.S. to a three-week high on Wednesday but Brent has failed to breach last month’s peak and dropped below $58 following the inventory data. Prices reflect “oil bulls taking profit after the supply disruption in Iraq failed to drive Brent to new highs,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S. “It’s a classic risk-off move. On balance, I believe yesterday’s EIA report was net bearish.” U.S. gasoline inventories expanded by 908,000 barrels last week, while distillate supplies climbed to 134.5 million barrels, according to the Energy Information Administration. Refinery utilization slipped as plants including Exxon Mobil Corp.’s Joliet refinery in Illinois were said to carry out maintenance. Click Read More below for additional information.

American Dollar to Canadian Dollar = 0.790173; American Dollar to Chinese Yuan = 0.154682; American Dollar to Euro = 1.211401; American Dollar to Japanese Yen = 0.009405; American Dollar to Mexican Peso = 0.047862.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 0.7% in May after falling 0.6% in April. In May, the index equaled 113.7 (2015=100) compared with 114.5 in April. “Tonnage, despite falling slightly over the last two months, remains well above the lows of last year,” said ATA Chief Economist Bob Costello. “This is no small deal considering that truck tonnage fell significantly less than many other indicators during the depths of the pandemic in the spring of 2020. “One freight segment that is helping tonnage is gasoline as demand for travel, both commuting and vacation related, picks up,” he said. “I’m also expecting retail freight to remain robust as inventories are at historic lows. As retail stocks are rebuilt, it will boost freight. As has been the case for some time, trucking’s biggest challenges are not on the demand side, but on the supply side, including difficulty finding qualified drivers.”