National Average Price for Regular Unleaded Current: $2.560; Month Ago: $2.550; Year Ago: $2.242. National Average Price for Diesel Current: $3.001; Month Ago: $2.992; Year Ago: $2.927.
American Dollar to Canadian Dollar = 0.766249; American Dollar to Chinese Yuan = 0.145808; American Dollar to Euro = 1.111101; American Dollar to Japanese Yen = 0.009081; American Dollar to Mexican Peso = 0.053333.
The American Trucking Associations commended Congress and the Trump administration for ratification of the U.S. - Mexico - Canada Agreement, setting the stage for increased free, fair and equitable trade between our three countries. “Trade is central to the trucking industry – 76% of all surface freight between the U.S. and our nearest neighbors moves by truck – so the newly ratified USMCA will be a boon to our economy and our industry,” said ATA President and CEO Chris Spear. “This agreement will boost both U.S. exports and gross domestic product, meaning more truck movements and delivering measurable returns for our industry.”
Oil prices rose on Thursday after the United States and China signed an eagerly awaited Phase 1 trade deal, giving some relief to markets, but gains were capped as the International Energy Agency said it expected oil production to outstrip demand. Trade sources and analysts said China could struggle to meet the target and gains in oil are likely to be limited ahead of more detail on how the commitments will be achieved.
Fundamentals are largely bearish due to oversupply concerns, especially given the huge build in stockpiles reported in the refined products for the week ended Jan. 3, Sevens Report said. Tensions between the U.S. and Iran have eased, though the “threat of more geopolitical unrest still exists and is likely to keep a floor under the market, preventing a decisive breakdown in the near term.”
National Average Price for Regular Unleaded Current: $2.595; Month Ago: $2.570; Year Ago: $2.235. National Average Price for Diesel Current: $3.016; Month Ago: $2.997; Year Ago: $2.945.
American Dollar to Canadian Dollar = 0.765414; American Dollar to Chinese Yuan = 0.144453; American Dollar to Euro = 1.109662; American Dollar to Japanese Yen = 0.009121; American Dollar to Mexican Peso = 0.053221.
Markets sank Wednesday after Tehran launched missiles at bases housing Americans in Iraq in retaliation for the killing of an Iranian general. Anxiety subsided after reports indicated no Americans were killed and President Donald Trump said Iran “appears to be standing down.” Oil prices rebounded Thursday after first surging on news of the Iranian attack and then falling back once tensions appeared to be easing.
America has emerged as a force in the world energy markets and that means geopolitical risks are not what they used to be for commodities despite tensions with Iran bubbling up again. “If this had happened five years ago, I certainly think you have a very strong argument that oil prices could hit triple digits,” Patrick DeHann, head of petroleum analysis at GasBuddy, told FOX Business’ Stuart Varney. “But we’ve added the capacity of 7.5 million barrels a day versus where we were a decade ago so we’ve come a long way, and that’s perhaps given the White House new options to deal with the Middle East.”
The global benchmark for crude oil rose above $70 a barrel on Monday for the first time in over three months, with jitters rising over the escalating military tensions between Iran and the United States. “The market is concerned about the potential for retaliation, and specifically on energy and oil infrastructure in the region,” said Antoine Halff, a Columbia University researcher and former chief oil analyst for the International Energy Agency. “If Iran chose to incapacitate a major facility in the region, it has the technical capacity to do so.”