Key Currency Exchange Rates for Friday, 10/27/23

National Average Price for Regular Unleaded Current: $2.130; Month Ago: $2.181; Year Ago: $2.609. National Average Price for Diesel Current: $2.382; Month Ago: $2.381; Year Ago: $3.014.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 7.4% in December after rising 3.2% in November. In December, the index equaled 120 (2015=100) compared with 111.7 in November. “Tonnage ended last year on a high note,” said ATA Chief Economist Bob Costello. “The index not only registered the largest monthly gain since June, but it also had the first year-over-year increase since March. Freight continues to be helped by strong consumption, a retail inventory restocking, and robust single-family home construction. With the stimulus checks recently issued and with a strong possibility of more in the near future, I would expect truck freight to continue rising.” November’s gain was revised down slightly to 3.2% from our December 22 press release. Compared with December 2019, the SA index rose 2.3%. For all of 2020, compared with the same 12-month period in 2019, tonnage was down 3.3%. 2019 had an annual increase of 3.3%.

Major oil-producing countries moved on Friday toward an agreement to jointly raise exports, a decision that has driven considerable division among them but that could temper criticism from President Trump. Officials from the Organization of the Petroleum Exporting Countries, as well as other major producers like Russia, were set to increase their total output by less than 1 percent of the global oil supply. Though a relatively small addition to the world energy market, the move nevertheless signals a willingness by international suppliers to address rising prices. Click Read More below for additional information.