Key Currency Exchange Rates for Friday, 2/18/22

American Dollar to Canadian Dollar = 0.795957; American Dollar to Chinese Yuan = 0.152331; American Dollar to Euro = 1.177259; American Dollar to Japanese Yen = 0.009048; American Dollar to Mexican Peso = 0.049246.

Futures lost 0.9 percent in New York after climbing 4.1 percent in the previous three sessions. Inventories rose by 3.1 million barrels last week, the American Petroleum Institute was said to report. Energy Information Administration data Thursday is forecast to show stockpiles dropped for a third week. Global supply and demand estimates for 2018 indicate that stockpiles may not fall further, potentially capping prices, according to the International Energy Agency. “According to the IEA’s calculation, at the current level of OPEC production there will be no global stock draws next year,” said Olivier Jakob, managing director of consultants Petromatrix GmbH in Zug, Switzerland. “If the IEA is right, then markets will continue to trade in the narrow” price band seen recently. Global oil stockpiles will fall this year by 300,000 barrels a day as stronger demand and output curbs by OPEC and Russia whittle away a surplus, the IEA said Thursday in its monthly report. Still, even if the producers decide to continue with the cuts next year, surging supplies from the U.S. and elsewhere will prevent inventories dropping further. Click Read More below for additional information.

FedEx will increase three peak surcharges on Express and Ground shipments beginning June 21, the carrier announced in an update Friday. Increased surcharges include Peak - Residential Delivery Charge for FedEx Express and FedEx Ground domestic; Peak Surcharges on U.S. Express Package Services, U.S. Ground Services and International Ground Services; and a Peak Surcharge on FedEx Ground Economy Package Service, all with effective dates of June 21, 2021, until further notice. Total Retail's Take: Shipping carriers continue to increase rates under the strain of large shipment volumes during the COVID-19 pandemic. The announcement from FedEx states that the impact of the virus continues to generate elevated volumes, high demand for capacity, and increased operating costs across its carrier network. The surcharge on residential shipping will have the biggest effect on e-commerce, which will see online retailers hit with a 100 percent increase from $0.30 to $0.60 per package. Trevor Outman, co-CEO at Shipware, noted that "this will have a direct impact on all direct-to-consumer e-commerce businesses; doubling their current residential surcharge costs."