AAA Daily Fuel Gauge Report for Friday, 3/1/24

Oil prices rose on Wednesday as industry data showed a larger-than-expected drawdown in U.S. crude stockpiles, while expectations for an extended shutdown of a major North Sea crude pipeline also continued to bolster markets. Britain’s biggest pipeline from its North Sea oil and gas fields is likely to be shut for several weeks for repairs. On Wednesday morning, its operator said it was still considering repair options and reiterated that any repairs would take several weeks. Click Read More below for additional information.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 2.5% in November after slipping 1.2% in October. In November, the index equaled 114.7 (2015=100) versus 117.6 in October. “For-hire truck tonnage saw the largest single monthly decrease in November since the start of the pandemic and a total drop of 3.7% in October and November,” said ATA Chief Economist Bob Costello. “The decreases match anecdotal reports of a soft fall freight season as well as a slowing goods-economy generally. Housing-related freight is particularly weak.”

American Dollar to Canadian Dollar = 0.786976; American Dollar to Chinese Yuan = 0.158075; American Dollar to Euro = 1.135546; American Dollar to Japanese Yen = 0.008693; American Dollar to Mexican Peso = 0.049316.