Oil futures traded higher early Tuesday in New York, buoyed by recent remarks from Saudi Arabian officials that reportedly expressed a renewed level of comfort with higher prices in light of renewed U.S. sanctions on Iran that could disrupt global output. Saudi officials, according to a Bloomberg report citing people familiar with the discussions, said they don’t intend to drive prices higher but are growing more inured to the prospect of higher futures, which are likely to result from sanctions against Iran, set to take effect in less than two months. Previously, Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, or OPEC, had appeared to cow to complaints by President Donald Trump that crude prices were getting too rich. Click Read More below for additional information.
It may no longer be a hurricane, but Florence is still expected to exact a toll on the Carolinas and then further inland over the next several days as the slow-moving storm drops rain measured in feet rather than inches across a wide swath of area. Having already killed 7, the storm’s aftermath could be as deadly as its approach, officials say, with historic flooding lasting for potentially weeks after 45 inches of rain is dumped in some areas. Florence is nearly stationary at the moment, officials from NOAA said at a morning briefing, about 35 miles west of Mrytle Beach, SC, with maximum sustained winds of 50 mph. Areas near Newport, NC have received 24 inches of rain so far with another 15 expected. Those rain bands will continue throughout the day and slowly drop to the south. Click Read More below for additional information.
National Average Price for Regular – Current: $2.852; Month Ago: $2.857; Year Ago: $2.649. National Average Price for Diesel – Current: $3.182; Month Ago: $3.150; Year Ago: $2.717.
American Dollar to Canadian Dollar = 0.768724; American Dollar to Chinese Yuan = 0.145899; American Dollar to Euro = 1.168945; American Dollar to Japanese Yen = 0.008940; American Dollar to Mexican Peso = 0.053148.
China’s crude oil output rose in August for the first time in nearly three years, data showed on Friday, climbing after President Xi Jinping called for a boost to national energy security amid trade tensions with the United States. Monthly crude oil output hit 16 million tonnes, or 3.77 million bpd, up 0.2 percent from August last year and marking the first year-on-year increase in tonnes and barrels per day (bpd) since October 2015, according to the data from National Bureau of Statistics (NBS). Year-to-date output was 125.95 million tonnes, down 1.8 percent from a year earlier. That equates to 3.78 million bpd. Click Read More below for additional information.
Oil prices slipped on Thursday, although U.S. crude remained above $70 a barrel on the back of falling crude inventories and Brent was still close to $80 because of looming sanctions against Iran. U.S. crude inventories C-STK-T-EIA fell 5.3 million barrels in the week to Sept. 7 to 396.2 million barrels, the lowest since February 2015 and about 3 percent below the five-year average for this time of year, the U.S. Energy Information Administration (EIA) said in its weekly report on Wednesday. Gasoline stocks rose 1.3 million barrels, while distillate stockpiles, which include diesel and heating oil, climbed by 6.2 million barrels, the EIA data showed. Click Read More below for additional information.
With the increasing demand for e-commerce delivery and the holidays fast approaching, FedEx Corp. has expanded its FedEx Ground U.S. operations to six days per week year-round. That marks a shift for FedEx, which has previously run six- and seven-day ground operations throughout the holiday seasons. Competitor UPS Inc. added year-round Saturday delivery last year. FedEx did not respond to a request for comment on whether the extra day of delivery will include a surcharge. FedEx delivers more than 14 million shipments on average per day, but expects that number to climb in the coming months. To support the higher volume, FedEx will increase hours for some of its 425,000 existing employees, and hire about 55,000 seasonal workers. Click Read More below for additional information.
Oil cut earlier losses and rose towards its highest level this year on Wednesday, after a drop in U.S. crude inventories and as the prospect of the loss of Iranian supply added to concerns over the delicate balance between consumption and production. U.S. crude stocks fell by 8.6 million barrels in the week to Sept. 7 to 395.9 million, the American Petroleum Institute (API) said on Tuesday, while the U.S. Energy Information Administration (EIA) cut its forecast for U.S. crude output growth in 2019. [API/S] [EIA/M] Outside the United States, traders have been focusing on the impact of U.S. sanctions against Iran that will target oil exports from November. Click Read More below for additional information.
WTI crude oil prices settled lower Monday, amid investor concerns that a tropical storm could dent crude demand. But losses were limited by ongoing expectations for a fall in Iranian crude exports amid looming U.S. sanctions. As Hurricane Florence barrels toward the coasts of South Carolina and North Carolina, investors have seemingly become concerned that crude demand could come under pressure, hurting oil prices, as people and businesses in the region are expected to hunker down. Yet there is potential for output as well as demand disruption as storms Isaac and Helene may hit energy production, said Phil Flynn, senior market analyst at Price Futures Group. Click Read More below for additional information.
Midland Paper Company, along with American Trucking Associations and the entire trucking industry is beginning a weeklong celebration of the millions of professional truck drivers who deliver America’s freight safely and securely every day. Our nation’s professional truck drivers literally deliver for America every day. We are happy to take this week to recognize their hard work and dedication to the American people during National Truck Driver Appreciation Week. Celebrated annually, this year’s National Truck Driver Appreciation Week runs from September 9 through September 15. Midland Paper is marking the week with a number of events in recognition of our drivers. Stay tuned for special updates during the week, including information about the Midland Paper fleet, drivers and the trucking industry. Click Read More below for additional information.