AAA Daily Fuel Gauge Report

National Average Price for Regular – Current: $2.904; Month Ago: $2.879; Year Ago: $2.318. National Average Price for Diesel – Current: $3.191; Month Ago: $3.140; Year Ago: $2.485.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 0.4% in October after rising 2.2% in September. In October, the index equaled 113 (2015=100) compared with 112.6 in September. “October’s gain was the third straight totaling 2.9%,” said ATA Chief Economist Bob Costello. “The combination of solid retail sales, inventory rebuilding, and generally higher factory output offset some areas of softer freight growth, like home construction, in October. “Economic growth remains on solid footing, which is good for truck freight volumes going forward. The largest problem for the industry isn’t the amount of demand, but making sure we have adequate supply. It is good to see that fleets were able to haul more tonnage in recent months in the face of constrained supply,” he said. September’s reading was revised down slightly to 2.2% from our October 19 press release.

Crude oil prices were mixed in Asia on Monday as the market turned cautious ahead of a key OPEC meeting near the end of the week. U.S. West Texas Intermediate (WTI) crude futures dipped 0.42% to $58.70 a barrel. ICE Brent crude futures, the benchmark for oil prices outside the U.S., rose 0.47% to $63.77 a barrel. This week, market participants will focus on the Organization of Petroleum Exporting Countries highly-anticipated meeting on Thursday to see whether major producers plan to extend their current production-cut agreement. Click Read More below for additional information.