AAA Daily Fuel Gauge Report for Friday, 7/22/22
National Average Price for Regular Unleaded Current: $4.413; Month Ago: $4.955; Year Ago: $3.159. National Average Price for Diesel Current: $5.455; Month Ago: $5.812; Year Ago: $3.271.
https://gasprices.aaa.com/
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ATA Truck Tonnage Index Jumped 2.4% in March
American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 2.4% in March after rising 0.7% in February. In March, the index equaled 118.8 (2015=100) versus 116.1 in February. “It is important to note that ATA’s for-hire tonnage data is dominated by contract freight with minimal amounts of spot market loads,” said ATA Chief Economist Bob Costello. “And clearly contract freight was solid in March, witnessing the largest sequential gain since May 2020. March was also the eighth straight month-to-month improvement, with a total increase of 7.4% over that period. “During the first quarter, the index rose 2.4% from the final quarter of 2021 and increased 2.6% from a year earlier. While there might be some recent softness in the spot market, for-hire contract freight tonnage remains solid and is only limited by lack of capacity—both drivers and equipment—at contract fleets.”
Oil Extends Advance to $47 as Saudis Pledge Deep Export Cuts
Futures in New York added as much as 1.6 percent after rising 1.3 percent Monday. Saudi Arabia will cap shipments at 6.6 million barrels a day in August, 1 million lower than a year earlier, said Energy and Industry Minister Khalid Al-Falih. In the U.S., Halliburton Co. and Anadarko Petroleum Corp. signaled that the investment in shale fields may finally be succumbing to the oil price slump. “Yesterday’s Saudi decision to cut exports still lingers in the market,” said Bjarne Schieldrop, chief analyst for commodities at SEB Markets. The headlines that the U.S. shale oil boom is easing are also driving futures higher, he said. Click Read More below for more of the story.