AAA Daily Fuel Gauge Report for Friday, 3/11/22
National Average Price for Regular Unleaded Current: $4.331; Month Ago: $3.480; Year Ago: $2.826. National Average Price for Diesel Current: $5.132; Month Ago: $3.876; Year Ago: $3.045.
https://gasprices.aaa.com/
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ATA Truck Tonnage Index Fell 1.1% in September
American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 1.1% in September after rising 0.2% in August. In September, the index equaled 113.9 (2015=100) compared with 115.2 in August. “After hitting a bottom in April, tonnage increased in three of the previous four months, gaining a total of 2.2% before September’s drop,” said ATA Chief Economist Bob Costello. “However, this freight market remains in flux, and the index contracted by 1.1% in September, which erased half of those gains. Additionally, the year-over-year decrease was the largest drop since November 2020 on a very difficult comparison – September 2022 – which was the previous cycle high. While it is likely a bottom has been hit in truck freight tonnage, there could still be choppy waters ahead as the freight market remains volatile.”
Oil Trades Near $50 a Barrel After Decline in U.S. Drilling
“The U.S. oil rig count, a key indicator for trader sentiment, exhibited a rather large weekly decline,” said analysts at consultants JBC Energy GmbH in Vienna. “At least in the short term, this dynamic should help protect the downside to crude prices. The more pressing question may be how much higher prices can climb before the gravitational forces of global supply and demand can start to form an upper limit.”
West Texas Intermediate for October delivery rose as much as 44 cents, or 0.9 percent, to $50.33 a barrel on the New York Mercantile Exchange, and traded for $49.91 at 10:43 a.m. London time. On Sept. 14, it reached $50.50, the highest since May 25. Total volume traded was about 26 percent below the 100-day average. Click Read More below for additional detail.