AAA Daily Fuel Gauge Report for Friday, 5/21/21

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 0.2% in August after rising 1.1% in July. In August, the index equaled 115.3 (2015=100) compared with 115 in July. “The evidence is growing that tonnage hit bottom in April and continues its slow climb upwards,” said ATA Chief Economist Bob Costello. “However, year-over-year comparisons remain difficult as tonnage peaked in September of last year. As a result, it is unlikely that tonnage turns positive compared with a year earlier for at least a month or two longer. Most recently, freight continues to be mixed, with consumer spending and factory output flat to down.” July’s increase was revised higher from our August 22 press release. Compared with August 2022, the SA index fell 2.3%, which was the sixth straight year-over-year decrease. In July, the index was down 1.2% from a year earlier.

Yuan-denominated oil futures on the Shanghai International Energy Exchange lost 2.8 percent to 405.5 yuan a barrel. The September delivery contract closed 0.9 percent lower on Monday after debuting last week. U.S. crude inventories are estimated to have added 2 million barrels last week, according to a Bloomberg survey before Energy Information Administration data due Wednesday. The nation’s oil production had also increased for a fifth week in the period ended March 23, hitting a fresh record. Click Read More below for additional information.

American Dollar to Canadian Dollar = 0.825317 American Dollar to Chinese Yuan = 0.154608 American Dollar to Euro = 1.204375 American Dollar to Japanese Yen = 0.009281 American Dollar to Mexican Peso = 0.056480